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E-waste Recycling April 05, 2018 11:30:07 AM

CTA: Tariff on Tech Products Imports to Hurt U.S. Economy

Paul Ploumis
ScrapMonster Author
CTA urged to resist tariffs, which are likely to put nearly 2 million American jobs at risk and could cost nearly $332 billion to the country’s economy over the next decade.

CTA: Tariff on Tech Products Imports to Hurt U.S. Economy

SEATTLE (Scrap Monster): The proposed U.S. tariff on imported tech products is likely to affect commerce, businesses and consumers. In a statement issued by the Consumer Technology Association (CTA), its president and CEO Gary Shapiro points out that the Trump administration has singled out televisions (TVs) as one category of products for which it plans to impose hefty tariff duty of 25%.

The statement follows announced tariffs by the US on certain products from China and the retaliation measures announced by the Chinese administration, thereby resulting in a trade war between both the countries. CTA noted that the all the proposed tariffs and China’s tit-for-tat trade actions are feared to act as a poison pill to the country’s growing economy and manufacturing sector. The tariffs will raise costs for Americans and result in slowdown of US productivity, it added.

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CTA urged to resist tariffs, which are likely to put nearly 2 million American jobs at risk and could cost nearly $332 billion to the country’s economy over the next decade. The full list of products is still under review, CTA noted. However, as per initial assessment, Chapters 84 and 85 of the tariff code are likely to badly hit consumers. The other sections which deal with technology components could affect consumer technology sector. Further, it urged companies and consumers to make a case against the announced tariffs within the 30-day public comment period.

The US tariffs had targeted the sectors highlighted in the Chinese ‘Made in China 2025’ plan. In retaliation, China has announced to levy 25% additional tariff on imports of as many as 106 sensitive and important products from the US. These charges are feared to impact around $50 billion worth of products imported from the US.

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