Today, the Consumer Technology Association (CTA) applauds dozens of Congress members for expressing their concern to U.S. Trade Representative Robert Lighthizer over the administration's plan to place a 25 percent tariffs on $50 billion worth of goods from China.
"We commend Reps. Erik Paulsen (R-MN) and Suzan DelBene (D-WA) for leading a bipartisan letter that stresses the importance of avoiding unstable trade policy," said Gary Shapiro, president and CEO, CTA. "Businesses need certainty and not the disruption of an off-again, on-again trade war with China, which is going to hurt the global supply chain. Businesses are now planning for the holiday season, and the high level of uncertainty makes business decisions risky and challenges sourcing and selling. At the end of the day, Americans will bear the brunt of the consequences with higher consumer prices and fewer jobs."
A recent study by CTA and the National Retail Federation found tariffs on $50 billion of Chinese imports, coupled with retaliation promised by China, would reduce U.S. gross domestic product by nearly $3 billion and destroy 134,000 American jobs.