Tariffs Paid by U.S. Tech Industry Hits Fresh Peak

SEATTLE (Scrap Monster): The recent report published by the Consumer Technology Association (CTA) says that the tariffs paid by the U.S. technology industry on imported Chinese products touched record high in May this year. This is despite 31% decline in imports, said the report.

The tariff paid by the industry totaled $1.3 billion in May ’19, which is nearly six times higher when matched with the same month a year before. The tariffs paid on 5G-related products touched record high, rising by $111 million from May ’18.

Gary Shapiro, president and CEO, CTA alleged that the unpredictable trade policy is forcing American companies to absorb rising costs. He reiterated the argument that tariffs by Trump administration are nothing more than taxes.

Meantime, CTA warns that tariffs paid by tech industry is likely to rise further in the coming months as the latest hike in tariffs to 25% on List 3 products takes effect.