Latest Proposed Tariffs Will Have Major Impact on Popular Tech Products
Some of the most popular consumer tech products are in line for some serious price increases if the latest round of proposed tariffs take effect, according to new research from the Consumer Technology Association. CTA, producers of the annual Consumer Electronics Show in Las Vegas, commissioned a study that looked into the potential impacts of the list 4 tariffs proposed by the Trump administration, which would place a 25 percent tariff on $300 billion in goods imported from China.
According to CTA’s research, Americans will pay anywhere between $50 and $120 more for many of their favorite tech products, which could include things like cell phones, laptops, tablets, and video game consoles.
New CTA study shows if the list 4 tariffs take effect, Americans will pay between $50 and $120 more apiece for many of their favorite technology products #TariffsAreTaxes https://t.co/sXPhvxzohp pic.twitter.com/YhyFHujM5s
— Consumer Tech Assocn (@CTATech) June 24, 2019
“Tariffs are taxes, paid by American consumers – and these new tariffs would be a burden on American families just as they start back-to-school shopping,” Gary Shapiro, president and CEO of CTA, said in a statement. “U.S. consumers, not China, pay the price for tariffs—what more proof does the White House need? It’s time for this administration to put American small businesses, workers and families first and make a deal with China.”
Some key findings from the research include:
- The cost of cell phones imported from China would increase by 22 percent, and the average cell phone will cost $70 more for U.S. consumers
- The cost of laptops imported from China would increase by 21 percent, and the average laptop will cost $120 more for U.S. consumers
- The cost of tablets imported from China would increase by 21 percent, and the average tablet will cost about $50 more for U.S. consumers
- The cost of video game consoles imported from China would increase by 21 percent, and the average video game console will cost about $56 more for U.S. consumers
The latest round of proposed tariffs could also impact some devices that weren’t on previous lists, including fitness activity trackers, smartwatches, and wireless earbuds. According to CTA, consumers could see prices for those products increase more than 6 percent if the tariffs take effect.
The impact isn’t limited to just the cost of certain products either, CTA said. Economically, the tariffs could cost the U.S. more than 2 million jobs, reduce the U.S. GDP by 1 percent, and add more than $2,000 in costs for the average American family of four.