Technological Companies Lost $10 Billion Due to Trade War between the US and China
According to the estimates of the Consumer Technology Association, the new 15% tariff will cost the Americans another $52 billion. The increase in tariffs by the United States and China since July 2018 has cost the electronics market a sum of $10 billion - the head of the Consumer Technology Association Gary Shapiro said. “This unpredictable customs policy makes us go the wrong economic way. The constant threat of increased duties and the occasional promise that trade negotiations are in full swing mean a serious blow to global stock markets. This uncertainty hurts every American” – said Shapiro. According to his words, such an approach also casts doubt on "US global leadership". American companies have to spend more resources, trade rules are constantly changing, and companies have to spend less on innovation and the production of new products. He noted that the president does not have one-sided trade powers, and Congress must pass a law restoring its trade powers and, thus, "protect Americans from endless trade wars and taxes" Recall, Trump said that trade negotiations with Beijing are still planned for September even after new anti-Chinese tariffs came into force on Sunday, September 1.