Aluminum and Steel Tariffs Ill-Advised, Says CTA
March 8, 2018
Article Summary
The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), in response to President Donald Trump's announcement on tariffs for aluminum and steel as a result of the Department of Commerce's Section 232 Investigations:
The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), in response to President Donald Trump's announcement on tariffs for aluminum and steel as a result of the Department of Commerce's Section 232 Investigations:
"At a time when the economy is bouncing back - more companies are hiring and paying higher wages - the Trump administration risks reversing its successes with ill-advised tariffs. Today's action could ultimately cost far more American jobs than it would create, and raise costs on consumer products.
"The imposition of tariffs will undoubtedly result in previously uninvolved sectors being retaliated against and create a dangerous race to the bottom, which is a threat to our domestic economy and the entire global trading system.
"The United States tried this in the 1930's and it failed. And most recently, President George W. Bush attempted steel tariffs and reversed his actions a year later because it did more harm than good. We urge the administration to learn from past mistakes, reconsider its decision and instead use trade remedies, such as enforcement, to address trade imbalances."
"At a time when the economy is bouncing back - more companies are hiring and paying higher wages - the Trump administration risks reversing its successes with ill-advised tariffs. Today's action could ultimately cost far more American jobs than it would create, and raise costs on consumer products.
"The imposition of tariffs will undoubtedly result in previously uninvolved sectors being retaliated against and create a dangerous race to the bottom, which is a threat to our domestic economy and the entire global trading system.
"The United States tried this in the 1930's and it failed. And most recently, President George W. Bush attempted steel tariffs and reversed his actions a year later because it did more harm than good. We urge the administration to learn from past mistakes, reconsider its decision and instead use trade remedies, such as enforcement, to address trade imbalances."