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."