On August 13, Gary Shapiro, president and CEO, Consumer Technology Association (CTA) issued a statement addressing the tariff delays announced by the Trump administration this week. You can read the entire list of items included in the tariff delay here.
Since July 2018, Section 301 tariffs on China have cost the consumer tech industry over $10 billion. It is estimated the tariffs beginning Sep. 1 will affect $52 billion in consumer technology products, with the Dec. 15 tariffs affecting $115 billion in products.
The following is the entirety of the statement released by Shapiro.
“We appreciate the administration hearing us about the damage retaliatory tariffs inflict and deciding to delay part of the list – but the uncertainty and volatility of policy based on tariffs is bad for American businesses and is bad for workers, families and the U.S. economy. Recent wild, tariff-induced swings in the stock market concern every American with a 401(k), pension or IRA, proving the folly of unwinnable trade wars.
“The president is right to address China’s forced technology transfer and theft of intellectual property, but retaliatory tariffs are bad economic policy in the short and long term. The administration’s legally dubious trade war is compromising America’s global leadership. This is the biggest economic mistake since the passage of the Smoot-Hawley Tariff Act in 1930, which sent our country spiraling into the Great Depression. Continuing down this path will devastate U.S. startups and small businesses – many of them will face no-win decisions about shrinking operations and cutting jobs.
“Tariffs are taxes. The Chinese government doesn’t pay for them – Americans bear the burden. And next month, we’ll begin to pay more for some of our favorite tech devices – including TVs, smart speakers and desktop computers. The administration should permanently remove these harmful tariffs and find another way to hold China accountable for its unfair trading practices.”