Industry groups protest Senate bill proposing tariff on Chinese imports
U.S. industry groups lined up to attack a Senate bill that calls for a 27.5 percent tariff on imports from China.
The bill, S.295, was sponsored by Sens. Chuck Schumer, D-N.Y., and Lindsay Graham, R-S.C. to pressure China to change its currency policy.
The industry groups warned that the measure, if passed, would hurt American shippers more than the Chinese and would likely spark negative responses from other trading countries.
“Imposing a massive tax on an estimated $200 billion of American purchases will likely result in similarly significant retaliatory measures being taken against U.S. exports to China, thereby undermining, not enhancing, U.S. competitiveness,” said the U.S. Council for International Business in a letter to the Senate.
The Consumer Electronics Association noted that today’s average price for a flat panel television is $1,295, but would increase to $1,651 with the proposed tariff. Similarly, an MP3 player’s average price would increase from $218 to $277; and a digital camera would go from $299 to $381.
Elizabeth Hyman, vice president of the Consumer Electronics Association, said lawmakers should “reject” proposed legislation that violates the World Trade Organization’s Uruguay Round Agreement.
Industry groups protest Senate bill proposing tariff on Chinese imports
