Retaliatory Tariffs Are Taxes And Bad Policy
August 1, 2019
- Bronwyn Flores, CTA
Article Summary
The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), regarding President Trump’s announcement that the U.S. will impose 10% tariffs on another $300 billion of Chinese products:
The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), regarding President Trump’s announcement that the U.S. will impose 10% tariffs on another $300 billion of Chinese products:
“Retaliatory tariffs, whether 10% or 25%, are bad policy. The Trump administration is again taxing the American people in the form of new tariffs on their favorite technology products. Tariffs are taxes paid for by U.S. consumers, not China’s government. These retaliatory tariffs are not an effective trade policy and may violate U.S. law.
“Over 300 companies and business associations came to Washington this summer to plead with the administration to stop tariffs. And over 600 businesses of all sizes across the country sent a letter to President Trump opposing tariffs. President Trump should stop ignoring America’s job creators and workers and remove tariffs to prevent higher costs to American families and businesses.”
The U.S. Technology industry paid $1.3 billion in Section 301 tariffs imported on Chinese products in May, according to the latest available data, an amount that will likely rise in the coming months as a result of the last tariff hike to 25% on List 3 products.
“Retaliatory tariffs, whether 10% or 25%, are bad policy. The Trump administration is again taxing the American people in the form of new tariffs on their favorite technology products. Tariffs are taxes paid for by U.S. consumers, not China’s government. These retaliatory tariffs are not an effective trade policy and may violate U.S. law.
“Over 300 companies and business associations came to Washington this summer to plead with the administration to stop tariffs. And over 600 businesses of all sizes across the country sent a letter to President Trump opposing tariffs. President Trump should stop ignoring America’s job creators and workers and remove tariffs to prevent higher costs to American families and businesses.”
The U.S. Technology industry paid $1.3 billion in Section 301 tariffs imported on Chinese products in May, according to the latest available data, an amount that will likely rise in the coming months as a result of the last tariff hike to 25% on List 3 products.