The move is essentially a 25% tax on American consumers and businesses, according to Gary Shapiro, CEO of the Consumer Technology Association (CTA).
“The Trump Administration has now formally proposed an excise tax or tariff on consumers’ favorite technology products…,” Shapiro said in a statement. “This immense round of tariffs is exponentially worse for our country. China is one of the top export markets for American technology — and its retaliatory tariffs will choke U.S. job creation and global sales for American manufacturers and innovators.”
He went on to say, “President Trump is right to oppose China’s bad trade practices. But National Economic Council Director Larry Kudlow has acknowledged what we’ve said all along — tariffs are taxes paid by Americans, not China. Raising tariffs in this questionably legal fashion hurts American families, workers and businesses.”