CTA Calls For End To Trump Tariff Strategy
Gary Shapiro, president and CEO of the Consumer Technology Association (CTA), issued a statement regarding the Trump administration’s 25% tariff on $16 billion of Chinese goods going into effect today, and China levying retaliatory tariffs in response.
“The Trump administration’s ‘strategy’ of using tariffs to punish China for intellectual property theft and forced technology transfer is not working. Instead, it is damaging to American businesses and consumers. Not only is the White House failing to change China’s behavior on IP, but it is also putting extreme pressure on American innovation and businesses that invent, design and engineer their IP in the United States.
“Tariffs are a tax on Americans and are paid to the detriment of the U.S. economy, workers and consumers. A study done earlier this year shows tariffs on $50 billion of Chinese imports — coupled with retaliation by China — would reduce U.S. GDP by nearly $3 billion annually and put hundreds of thousands of American jobs at risk. No wonder 90% of economist say tariffs will hurt us.
“The Trump administration has prioritized economic policies — such as tax reform — to help American workers and businesses. But if the administration continues to implement tariffs, our country will face a weaker economy, job losses and American families stuck with a higher cost of living.”