The following statements are in reaction to the White House announcement that final Section 301 tariffs will be announced on June 15 and that investment restrictions will be announced on June 30, both to be implemented shortly after announcement.
Dan DiMicco, CPA Chairman: “The President's team has spent the last 60 days, as committed to, to allow for public comments and they are now moving forward with the promised Tariffs. This action is decades overdue and we commend the President and his trade team of Lighthizer, Ross, and Navarro for taking these actions. We appreciate that President Trump is now making clear that the age of appeasement for China’s trade cheating is at an end. Everyone should read the administration’s Section 301 report which documents, for the first time, the outrageous and persistent technology theft conducted by China and its government owned companies. We cannot allow the Chinese to steal American technology and then profit from selling the resulting products and services back to us. We await the review of the additional $100 Billion in 301 tariffs
Michael Stumo, CEO of CPA: “The core contract between the Communist Party of China and its people is state repression in exchange for full employment and future wage gains. The Chinese governments needs to engineer overproduction - and excessively rely upon US consumers for growth - to hold up their end of the bargain and stay in power. That is why many years of Bush/Obama dialogue with China was a total failure. We must act unilaterally to avoid being the dumping ground for their overcapacity and the enabler of their economic strategy. President Trump’s clarity of action is appreciated and is hopefully the beginning of more effective countermoves in the future. If we don’t act now, our economy will become even more reliant upon low-wage, low-hour jobs even as economic insecurity worsens."