CTA Warns Administration of Adverse Effects of Tariffs on Tech Industry
March 22, 2018
Article Summary
The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), in response to the Trump administration's announcement of levying tariffs on imported goods from China:
The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), in response to the Trump administration's announcement of levying tariffs on imported goods from China:
"The Trump administration's decision to accept comments on its intent to impose tariffs is a welcomed first step. Unfair trade practices must be addressed, but the solution is not to put a new tax on U.S. businesses and force consumers to pay dramatically more to access the technology products they need. Increased tariffs and trade wars risk the nearly 2.5 million American jobs associated with trade involving technology products. Such a move threatens U.S. economic growth and wipes out the benefits of our recent tax reform.
"Last year, the consumer technology industry represented more than 10 percent of the U.S. GDP, and projections show 2018 will be a record breaker for our sector. The growth of our industry is vital to the economic health of the nation. We must resist erecting trade barriers on tech products that would reduce economic growth and invite retaliation."
"The Trump administration's decision to accept comments on its intent to impose tariffs is a welcomed first step. Unfair trade practices must be addressed, but the solution is not to put a new tax on U.S. businesses and force consumers to pay dramatically more to access the technology products they need. Increased tariffs and trade wars risk the nearly 2.5 million American jobs associated with trade involving technology products. Such a move threatens U.S. economic growth and wipes out the benefits of our recent tax reform.
"Last year, the consumer technology industry represented more than 10 percent of the U.S. GDP, and projections show 2018 will be a record breaker for our sector. The growth of our industry is vital to the economic health of the nation. We must resist erecting trade barriers on tech products that would reduce economic growth and invite retaliation."