ARLINGTON, Va.--(BUSINESS WIRE)--The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), on the announcement of a “Phase One” trade deal with China and administration’s decision to reduce existing tariffs and postpone List 4B tariffs on Chinese imports:
“We applaud President Trump for making an initial deal with China that enforces fair trade practices and addresses critical tech priorities including intellectual property (IP) protections and forced technology transfer. It is a significant step toward ending this costly trade war. The partial tariff rollback is also welcome news.
“We look forward to learning more detail on the tariff removal and urge the White House to make those rollbacks quickly and permanently. Achieving IP and tech transfer concessions is important, and we also encourage the Chinese government to make needed their necessary changes transparently and swiftly.
“Tariffs are taxes on Americans – not the Chinese. The postponement of the next round of tariffs may temporarily protect American consumers from price increases on today’s essential tech devices – including smartphones, laptops and tablets. But it doesn’t resolve market uncertainty or return the billions of dollars our nation is already paying in tariffs. Businesses and markets crave certainty and a relief from the volatility caused by the ups and downs of our trade negotiations.
“Today’s news is progress, and we urge Presidents Trump and Xi to continue these negotiations and reach full tariff removal as soon as possible—and that both sides will stop using tariffs as a weapon.”
According to new data from CTA, compiled and analyzed by The Trade Partnership, the U.S.-China trade war has cost consumer tech companies a total of $17.5 billion, including $1.6 billion in taxes for products critical to 5G deployment.
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.
January 7-10, 2020 – Las Vegas, NV