New tariffs on Chinese products to burden US tax payers: Industry, lawmakers

Washington
30 May 2018

The Trump administration's move to impose a hefty 25 per cent tariff on the USD 50 billion worth of Chinese goods and tighten its noose against China's alleged theft of US' intellectual property rights will have an adverse impact on American consumers, industry leaders and lawmakers have warned.
The White house said yesterday that the US' will impose a 25 per cent tariff on USD 50 billion of goods imported from China containing industrially significant technology, including those related to the 'Made in China 2025' programme.
"The US Chamber supports the administration's ongoing efforts to deal with China's unfair trade practices and policies. However, we continue to believe that the use of tariffs puts all the burden on American companies and consumers," US Chamber of Commerce president and CEO Thomas J Donohue said on Tuesday.
"The administration's decision to impose tariffs on USD 50 billion worth of Chinese products is in fact a tax on American consumers and will undermine the competitiveness of American companies, just as the administration's steel tariffs have dramatically raised prices on steel in the US," he said.
China must address its failure to protect US intellectual property, but these tariffs are not an effective response because it will harm American jobs and consumers, said Erik Paulsen, Joint Economic Committee Chairman Congressman.
"Our economy is seeing measurable gains thanks to pro-growth policies like the Tax Cuts & Jobs Act. GDP has grown an average of 2.5 per cent over the past five quarters, unemployment is at its lowest rate since December of 2000, and everywhere we are hearing positive stories from businesses large and small. Placing tariffs on medical devices and consumer electronics threaten these gains," Paulsen said.