CTA warns that tariffs could lower U.S. consumer purchasing power by $90B to $143B

The Consumer Technology Association warned today that the tariffs on Canada, Mexico and China will fuel inflation and hurt U.S. consumer purchasing power by $90 billion to $143 billion. Gary Shapiro, CEO of the Consumer Technology Association (CTA), said in a statement, “I’ve said it before, and I’ll say it again: Tariffs are taxes on Americans and American business, not foreign governments or companies. Adding tariffs on imports from Canada, Mexico, and China will raise prices for Americans at a time when inflation and affordability is their top concern. Tariffs will drive inflation higher, just when we need lower inflation to drop interest rates.” The tariffs are expected to go into effect for Canada and Mexico tonight, while China tariffs are already in effect. The Trump administration believes the tariffs will help bring manufacturing jobs back to the U.S. Shapiro said that if we can drop interest rates two points, we could lower annual interest payments on the national debt by ... Read full article.