CTA: Raising Tariffs Hurts Americans, Not China

The president is right to fight against Chinas forced technology transfers and IP theft but tariffs are taxes on Americans, putting us on the wrong economic path and compromising our global leadership.

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Business Wire, Inc.
Retrieved on: 
Saturday, August 24, 2019
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Tags: 
Congressional News, Views, Public policy, Government, White House, Federal Government, Other Policy Issues, Other Government, Economy, Customs duties, Articles, International taxation, Decades, Economics, Tariff, Smoot–Hawley Tariff Act, Great Depression, Trump tariffs, Customs war
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United States, Virginia
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Summary
Key Points: 
  • The president is right to fight against Chinas forced technology transfers and IP theft but tariffs are taxes on Americans, putting us on the wrong economic path and compromising our global leadership.
  • These escalating tariffs are the worst economic mistake since the Smoot-Hawley Tariff Act of 1930 a decision that catapulted our country into the Great Depression.
  • Instead of making America great again, the president is using tariffs to make a great economic mistake again.
  • Clearly, tariffs aren't moving us toward a deal with China it's time to end the trade war and come to an agreement."


The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA)® regarding President Trump's announcement to increase the current Section 301 tariffs on Chinese products:

“Enough is enough – as evidenced by today's 623 point drop in the Dow, global markets are reeling on fears of a global recession. And today's announcement only inflicts more pain on American businesses, workers and families. The president is right to fight against China’s forced technology transfers and IP theft – but tariffs are taxes on Americans, putting us on the wrong economic path and compromising our global leadership.

“These escalating tariffs are the worst economic mistake since the Smoot-Hawley Tariff Act of 1930 – a decision that catapulted our country into the Great Depression. Instead of making America great again, the president is using tariffs to make a great economic mistake – again. How much longer will our families, companies and economy be forced to bear the financial burden of this misguided trade policy? Clearly, tariffs aren't moving us toward a deal with China – it's time to end the trade war and come to an agreement."

Consumer Technology Association:

As North America’s largest technology trade association, CTA® is the tech sector. Our members are the world’s leading innovators – from startups to global brands – helping support more than 18 million American jobs. CTA owns and produces CES® – the largest, most influential tech event on the planet. Find us at CTA.tech. Follow us @CTAtech.

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