Page 22 - THE SOUTH CHINA BUSINESS JOURNAL
P. 22
C. TODAY
The High However, there’s no denying the approximately $200 billion
Price of tariff hike slated for September 24 marks a big escalation.
Tariffs
Consumer harm
Article by John G. Murphy, Senior Vice President for
International Policy, U.S. Chamber of Commerce How will it affect consumers and businesses? The
Geneva-based International Trade Centre has helpfully
On Sep 17 the White House announced it had broken down the top import categories that will be hit
“directed the United States Trade Representative with new tariffs on September 24 (using U.S. data).
(USTR) to proceed with placing additional tariffs on
roughly $200 billion of imports from China”. Examining the broad product categories, it’s worth
recalling the adage that when you tax something, you
While popular rhetoric suggests that tariffs are get less of it.
“slapped” on a foreign country, tariffs are of course
taxes paid by Americans. It’s U.S. consumers, not So what’s covered?
foreigners, who are stuck with the bill – in this case, a
multi-billion dollar bill that we will all have to pay. First, things that make us more productive, starting
with computers and computer components such as
Earlier waves of tariffs imposed over the past few circuit boards. These are products that make factories
months on imports of steel, aluminum, and a host and services enterprises efficient. They allow us to
of Chinese products have already impacted about manage inventory, logistics, and finances. They are
$100 billion of U.S. imports. They also spurred price increasingly central to modern education. They are
increases for U.S.-made products: for example, several the secret sauce of the modern economy – and we’ll be
U.S. steel benchmarks have risen by more than 40% paying more for our productivity going forward.
since the beginning of the year.
“The price of printed circuit assemblies from China
And American tariffs have triggered retaliatory – will increase by between nine and 23 percent,” the
tariffs against about $100 billion of U.S. exports. We’ve Consumer Technology Association said in August.
mapped the state-by-state impact of this retaliation at
www.TheWrongApproach.com. Louroe Electronics of Van Nuys, CA, uses electronic
capacitors for its audio monitoring technology. CEO
Richard Brent told the U.S. Chamber, “I will have
no choice but to pass through the cost on to the
customer.”
Second, things that furnish our homes, from furniture
(like baby cribs) and lighting fixtures and components
to vacuum cleaners, gas grills, and air conditioners. If
20 AMCHAM SOUTH CHINA
The High However, there’s no denying the approximately $200 billion
Price of tariff hike slated for September 24 marks a big escalation.
Tariffs
Consumer harm
Article by John G. Murphy, Senior Vice President for
International Policy, U.S. Chamber of Commerce How will it affect consumers and businesses? The
Geneva-based International Trade Centre has helpfully
On Sep 17 the White House announced it had broken down the top import categories that will be hit
“directed the United States Trade Representative with new tariffs on September 24 (using U.S. data).
(USTR) to proceed with placing additional tariffs on
roughly $200 billion of imports from China”. Examining the broad product categories, it’s worth
recalling the adage that when you tax something, you
While popular rhetoric suggests that tariffs are get less of it.
“slapped” on a foreign country, tariffs are of course
taxes paid by Americans. It’s U.S. consumers, not So what’s covered?
foreigners, who are stuck with the bill – in this case, a
multi-billion dollar bill that we will all have to pay. First, things that make us more productive, starting
with computers and computer components such as
Earlier waves of tariffs imposed over the past few circuit boards. These are products that make factories
months on imports of steel, aluminum, and a host and services enterprises efficient. They allow us to
of Chinese products have already impacted about manage inventory, logistics, and finances. They are
$100 billion of U.S. imports. They also spurred price increasingly central to modern education. They are
increases for U.S.-made products: for example, several the secret sauce of the modern economy – and we’ll be
U.S. steel benchmarks have risen by more than 40% paying more for our productivity going forward.
since the beginning of the year.
“The price of printed circuit assemblies from China
And American tariffs have triggered retaliatory – will increase by between nine and 23 percent,” the
tariffs against about $100 billion of U.S. exports. We’ve Consumer Technology Association said in August.
mapped the state-by-state impact of this retaliation at
www.TheWrongApproach.com. Louroe Electronics of Van Nuys, CA, uses electronic
capacitors for its audio monitoring technology. CEO
Richard Brent told the U.S. Chamber, “I will have
no choice but to pass through the cost on to the
customer.”
Second, things that furnish our homes, from furniture
(like baby cribs) and lighting fixtures and components
to vacuum cleaners, gas grills, and air conditioners. If
20 AMCHAM SOUTH CHINA
