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Tags: silicon | valley | reax | tariffs

Silicon Valley: Trump Tariffs 'Take Money out of Americans' Pockets'

Silicon Valley: Trump Tariffs 'Take Money out of Americans' Pockets'
(Dreamstime)

By    |   Friday, 15 June 2018 02:48 PM EDT

The tariffs imposed by President Donald Trump's administration will end up "harming the very people he hopes to help, not punishing China," according to a major Silicon Valley trade group, Politico reports.

The Trump administration this week announced a 25 percent tariff on $50 billion worth of Chinese imports, the first of which will take effect in July and will focus on "industrially significant" technologies, including robotics and automobiles.

However, U.S. tech companies hope they can change Trump's mind, as many of their products are manufactured in China, where labor costs are quite low, utilize components made in China, or hope to make gains in the Chinese market.

"By imposing tariffs on consumer goods and key components of such goods, the president would needlessly take money out of Americans' pockets — harming the very people he hopes to help, not punishing China," Dean Garfield, head of the trade group Information Technology Industry Council, which counts Google, Amazon and Apple as members.

TechNet CEO Linda Moore, whose group represents Facebook, AT&T and Microsoft, added that these tariffs are a “mistake,” and that they "hope the Trump Administration will realize this action is ill-advised and reverse course before the U.S. economy, our workers, and consumers begin to feel the pain.

"There is no question pressure on China is needed to address significant concerns about their trade policies and practices, but tariffs are not the way to do it," Moore said.

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Politics
The tariffs imposed by President Donald Trump's administration will end up "harming the very people he hopes to help, not punishing China," according to a major Silicon Valley trade group, Politico reports.
silicon, valley, reax, tariffs
237
2018-48-15
Friday, 15 June 2018 02:48 PM
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