‘Trade Taxes’ on Chinese Imports Will ‘Weaken’ US Economy, Tweets Shapiro

New “trade taxes” will “increase consumer prices, decrease jobs and weaken the US economy,” tweeted CTA President Gary Shapiro Tuesday, hours after the White House announced it will go through with 25 percent tariffs on Chinese imports after the Office of the U.S. Trade Representative releases its final tariffs list by June 15 (see 1805290046). CTA otherwise was silent on the Trump administration's decision to proceed with tariffs, while other tech groups denounced it. CTA "remains opposed" to the use of tariffs to address the "imbalance" in the U.S.-China trade relationship "because of the high likelihood of short- and long-term negative consequences to our own economy and to our member companies," it testified May 16 at a USTR hearing (see 1805160020).