The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), in response to the Trump Administration's newly released list of products subject to a 25 percent tariff beginning August 23:
“Tariffs are taxes, plain and simple – they raise prices for manufacturers, force consumers to pay more and throttle our economic growth. This approach is bad for American companies, workers and consumers. If we’re going to address China’s unfair trade practices, we should do so in a way that doesn’t punish American families.
“The new tariff list – covering major technology categories such as semiconductors and the equipment that makes them – includes 58 products our member companies say are critical to their businesses – and taxing them will cost American jobs. These taxes are especially dangerous for small- and medium-sized companies. We’ve heard from many small businesses and startups who tell us the tariffs are forcing them to make difficult decisions about their workforces and their companies’ futures.
“The U.S. economy is thriving right now, but these tariffs threaten the success this administration has enabled. The current tariffs covering $50 billion in products will eliminate four U.S. jobs for every job created – and the economic damage will be even worse if the White House adds another $200 billion in products to the list, and China continues to retaliate.”