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Raising Tariffs Hurts Americans, Not China

August 23, 2019

  • Bronwyn Flores, CTA
Article Summary
“Enough is enough – as evidenced by today's 623 point drop in the Dow, global markets are reeling on fears of a global recession. And today's announcement only inflicts more pain on American businesses, workers and families," said Gary Shapiro, president and CEO, CTA. 

The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA)® regarding President Trump's announcement to increase the current Section 301 tariffs on Chinese products:

“Enough is enough – as evidenced by today's 623 point drop in the Dow, global markets are reeling on fears of a global recession. And today's announcement only inflicts more pain on American businesses, workers and families. The president is right to fight against China’s forced technology transfers and IP theft – but tariffs are taxes on Americans, putting us on the wrong economic path and compromising our global leadership.

“These escalating tariffs are the worst economic mistake since the Smoot-Hawley Tariff Act of 1930 – a decision that catapulted our country into the Great Depression. Instead of making America great again, the president is using tariffs to make a great economic mistake – again. How much longer will our families, companies and economy be forced to bear the financial burden of this misguided trade policy? Clearly, tariffs aren't moving us toward a deal with China – it's time to end the trade war and come to an agreement."

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