Washington, D.C. — TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today responded to the Trump Administration’s announcement that it is moving ahead with 25 percent tariffs on $50 billion worth of Chinese technology imports. The following statement is attributable to TechNet President and CEO Linda Moore:
“These tariffs are a mistake. The U.S. and China are now firmly on a path to a trade war, one that will ultimately hurt U.S. consumers, workers, and businesses of all sizes. We have countless examples throughout history that prove tariffs do not work, and one recent study shows that tariffs now will slow U.S. economic output by $322 billion over the next decade.
“We 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.”