Report says additional tariffs damage US technology manufacturing

Source: Xinhuanet May 23, 2019

Sinochem New Network's US-based international organization Computer Technology Industry Federation issued a report on the 21st saying that in 2018, US exports of technological products to China increased by 4.9%. The adverse effects of trade will slow down US economic growth and damage the interests of US manufacturing.

The report titled \"Technology Trade Overview 2019\" shows that U.S. exports of technology products to China reached US$17.9 billion in 2018; the latest available data shows that US companies provided US$2.2 billion in technology to China in 2017 Services, an increase of 3.9%.

However, Stephanie Holland, vice president of the Computer Technology Industry Association, said that between 2017 and 2018, the US-China economic and trade frictions increased the import tariffs on technical products by four times. An increase of tens of billions of dollars.

Earlier, the US government announced that from May 10, 2019, the tariff rate on the US$200 billion list of goods imported from China will be increased from 10% to 25%. The US government also threatened to impose 25% tariffs on the remaining US$300 billion of Chinese goods exported to the United States.

Holland called on the United States to reach an agreement with China, arguing that trade barriers will not help long-term economic growth and will continue to have a negative impact on products designed, developed, and manufactured in the United States.

The report shows that in 2018, the total exports of US technology products and services increased by 2.5% year-on-year to US$338 billion, a significant slowdown from the growth rate of 4.5% in 2017. These exports directly created approximately 858,000 jobs in the United States in 2017.