i3 - November/December 2018 - 2

From the CEO

The Increasingly Dangerous
Trade War with China

2

NOVEMBER/DECEMBER 2018

trade was less significant to our nation.
We are vulnerable. We elected the first antitrade president in generations. We put too many
of our eggs in the China basket - something I
have cautioned against in the past. We let China
get away with unfair practices for too long.
But we can only look forward. We have
fought successfully for free trade for decades.
Our industry, economy and consumer standard of living all benefited because of trade.
Yet now we are seeing a 180-degree reversal
on trade with China.
We can advocate. We can lobby. We can even
sue - as Congress never gave the president
authority to start retaliatory trade wars. But we
must be honest: we face an administration hostile
to China, focused illogically and simplistically on
equality in inflow and outflow of products.
Now we must hunker down, plan for tough
times and continue to innovate. We must make
sure our voices are heard and reason prevails.

Gary Shapiro,
President and CEO
I T I S I N N O VAT I O N

Pengpeng/Getty Images

Our industry,
economy and
consumer
standard of
living all
benefited
because of
trade.

By almost every measure, China and the U.S.
are the world's two global economic superpowers. Yet we are in a dangerous game of
"chicken" with China with no clear winnable
end game for either nation. Each passing day
of new tariffs, trade barriers, harsh words
and lack of meaningful negotiations gives little hope for a resolution.
President Trump and President Xi are two
strong leaders and neither are likely to back
down. More, President Trump has been consistent in his view that unbalanced trade with
China is not in the interest of the U.S.
The U.S. technology industry is being hurt
by escalating tariffs. They affect the supply
chain of components and increasingly finished
products from China. But the auto, footwear,
chemical, clothing, equipment and several
other industries will also be affected.
The trade war will hurt our economy.
Companies will be hurt. Jobs will be lost.
Consumer prices will rise as these tariffs/
taxes are imposed. Inflation will increase.
Our overheated economy will cool and soon
other nations will feel the impact.
We saw all this with the Smoot-Hawley tariffs Congress passed in 1930, which helped
cause the Great Depression. At that time,



i3 - November/December 2018

Table of Contents for the Digital Edition of i3 - November/December 2018

Contents
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i3 - November/December 2018 - Contents
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