The President's latest volley in the trade war with China--the 15% tariff that kicked in Sept. 1--drew a harsh rebuke from the Consumer Technology Association, which likened it to the disastrous economic policy that led to the Great Depression.
CTA said the new tariff affect major tech consumer categories including TV's, digital cameras and smart watches.
"The president absolutely should address China’s forced technology transfers and IP theft," said CTA president Gary Shapiro Monday (Sept. 2). "But this unpredictable tariff policy is forcing us down the wrong economic path. Continuous threats of more tariffs and occasional promises that trade talks are progressing mean whiplash for global stock markets. That uncertainty hurts every American with a pension, retirement fund or college savings plan."
The President says the tariffs are hurting Chinese companies while incentivizing U.S. companies to repatriate.
Shapiro calls the tariffs "the worst economic mistake since the Smoot-Hawley Tariff Act of 1930, a policy that launched America into the Great Depression. This is not how you reach a meaningful trade agreement."
Shapiro called for Congress to pass the Reclaiming Congressional Trade Authority Act of 2019 so it can protect the economy from "unending trade wars and retaliatory tariffs."