New Chinese tariffs a ‘disaster’ says ICAST exhibitor
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A regular exhibitor at ICAST – the world’s largest fishing tackle trade show – has called President Donald Trump’s new 10% tariff on $300 billion of Chinese imports a ‘disaster’ for the American economy.
Tim Boyle, President and CEO of Columbia Sportswear, has appealed to the Washington administration not to ‘tank ‘ a strong economy with the misguided conception that trade wars are ‘fun’.
He said: “President Trump plans to raise tariffs on imported goods from China beginning on September 1. If that happens it will be a disaster for the American economy, employers and consumers. If tariffs are imposed Columbia Sportswear Company – along with many other manufacturers in our industry – will be forced to raise prices on our products. This is a massive tax on employers and consumers, not China.
“Footwear and apparel are some of the most highly taxed products in the United States. Herbert Hoover-era taxes as high as 37.5% are already in place and are being paid by US consumers. With president Trump’s proposed 10% tax on goods manufactured in China, the American people will see almost half the cost of their shoes and clothing go in taxes.
“Furthermore, raising tariffs creates uncertainty, which makes it difficult for American business to make investments that can continue to grow the US economy. We have been fortunate to have a strong economy for the last decade. Lets not tank it with the misguided conception that trade wars are fun.”