Higher Tariffs are Only Higher Taxes, Plain and Simple, Says CTA

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

“Tariffs are taxes, plain and simple. And they’re paid for by U.S. consumers, workers and businesses – not by China.

“Our industry supports more than 18 million U.S. jobs – but raising tariffs will be disastrous. The tariffs already in place have cost the American technology sector about $1 billion more a month since October. That can be life or death for small businesses and startups that can’t absorb the added costs.

“Beyond the damage to American businesses, the tariffs actually hurt us – and help China – in the global race to 5G technology. In less than a year under these tariffs, the U.S. tech industry has paid over $745 million extra for 5G-related products.

“We agree with the administration – our country needs an enforceable trade agreement with China that protects intellectual property. But raising tariff rates or imposing new tariffs on American families is not a winning negotiating tactic.”