CTA Welcomes 'Phase One' Deal, Urges Full Removal of Tariffs

SEATTLE (Scrap Monster): The Consumer Technology Association (CTA) welcomed “Phase One” trade deal and the decision to rollback tariffs. The above measures will help to end the costly trade war between the U.S. and China, the Association noted.

In a statement released yesterday, Gary Shapiro, president and CEO, CTA applauded President Trump for reaching an initial deal with China. He welcomed the administration’s announcement on its decision to cut existing tariffs and postpone List 4B tariffs. The decision will enforce fair trade practices and address critical tech priorities, the statement said.

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Further, the statement said that the Association is looking forward for more details on the tariff removal. It urged the White House to act swiftly on the announced rollbacks. Also, it urged Chinese administration to implement necessary changes in a transparent manner so that the trade war comes to a permanent end. It hoped that Presidents of both the countries will continue ongoing negotiations to arrive at full tariff removal at the earliest and ensure that tariffs are not used as a weapon in future.

Gary Shapiro reiterated his observation that tariffs are actually taxes on Americans. The postponement of the next round of tariffs may likely offer temporary protection to American consumers from price hike. However, a full removal of tariffs only can bring about certainty to markets, he said.

As per rough estimates derived out of data compiled by The Trade Partnership, the trade war between the two countries has cost approximately $17.5 billion to consumer tech companies in the country.