The Consumer Technology Association (CTA) is speaking out again against the Trump administration’s trade policy with China, this time denouncing a new round of tariffs that will directly impact the CE industry.
According to the trade group, 58 products considered critical to tech manufacturers, including semiconductors and the equipment that makes them, will be subject to a 25 percent tariff beginning Aug. 23.
In a statement, CTA president/CEO Gary Shapiro equated the tariffs to taxes, and warned that they will cost American jobs.
“Tariffs are taxes, plain and simple —they raise prices for manufacturers, force consumers to pay more and throttle our economic growth,” he noted.
Shapiro said the tariffs are “especially dangerous” for small- and medium-sized businesses and startups, which are being forced to make “difficult decisions about their workforces and their companies’ futures.”
Indeed, a recent study commissioned by the CTA and the National Retail Federation (NRF) showed that the current $50 billion in duties, coupled with retaliations by China, will reduce the U.S. gross domestic product by nearly $3 billion and lead to four job losses for every job gained.
“And the economic damage will be even worse if the White House adds another $200 billion in products to the list, and China continues to retaliate,” Shapiro noted.