Tariffs Are Taxes, Says CTA

The follow is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), in response to President Trump’s plan to increase tariffs on $200 billion worth of Chinese imports to 25%:

“The president is seeking a better trade deal with China. But he must understand the Chinese don’t pay for these U.S. tariffs – American families, workers and companies pay for tariffs.

“Tariffs are taxes. And implementing these 25% tariffs on just five-days’ notice would roil our markets, damage U.S. businesses and do serious harm to Americans’ retirement funds and pensions"