The following statement is attributed to Michael Petricone, senior vice president, government and regulatory affairs, Consumer Technology Association (CTA), about the Trump administration's tariffs on certain products from China:
"Tariffs go against the interest of the American people. The economy will respond to the president's tariff agenda by increasing the cost of goods that people use every day, harming the U.S. economy and sinking the stock market. Imposing tariffs on Chinese goods could cost Americans hundreds of thousands of jobs. The tariff on $50 billion in goods being imposed today is no exception. And the anticipated retaliation by China will escalate the U.S.-China trade war and reduce U.S. gross domestic product by nearly $3 billion, based on a CTA and National Retail Federation (NRF) study on the initial White House tariff proposal.
"CTA looks forward to filing comments on the second set of proposed tariffs."