Consumer Technology Association has now warned that the price In Canada, Mexico and China will feed inflation and harm American consumers’ purchasing power from $ 90 billion to $ 143 billion.
Gary Shapiro, CEO of Consumer Technology Association (CTA), said in a press release: “I said it already, and I repeat: prices are taxes on Americans and American affairs, not governments or foreign companies. The addition of prices on imports from Canada, Mexico and China will increase the prices of Americans at a time when inflation and affordability are their main concern. Prices will increase higher inflation, just when we need lower inflation to lower interest rates. »»
The prices should come into force for Canada and Mexico tonight, while prices in China are already in force. The Trump administration believes that prices will help bring back manufacturing jobs to the United States
Shapiro said that if we can lower interest rates by two points, we could lower annual interest payments on national debt by more than $ 700 billion. He said the prices will stimulate inflation, not only on the grocery store. THE Entertainment software association Also said he was concerned about the effects of prices on games.
CTA research shows The prices make technological products that Americans love and count on more expensive. CTA studies indicate that, if it was implemented as proposed by President Trump on the campaign track, prices could lead to a drop of $ 90 billion to $ 143 billion in the purchasing power of American consumers for technological products.
“In addition, the prices will exercise our relations with Canada and Mexico – two of our nearest neighbors and the main business partners,” said Shapiro. “These countries have already committed to retaliation against American exports, causing even more damage to the American economy and creating a harmful cycle of reprisals. Prices are tools to resolve trade disputes, not political negotiation chips for questions such as immigration or drug control. »»
In closing, Shapiro said: “We urge President Trump to focus on the publication of agreements with our business partners who allow us to step back from expensive trade fights and feed the American economy, fight inflation and protect the doors of millions of Americans.”
