i3 - September/October 2019 - 2

From the CEO

Challenging Times
disruption, uncertainty, legal costs
and ignorance of real business
requirements has been horrible for
American executives in our industry.
Plus, we had several hellish days this
spring when we thought all products
from Mexico would face tariffs and
border delays. Enough already!
Our industry is turning on itself.
It began with some legislation pushed
by companies trying to make their
competitors' business models more
challenging or even illegal. It was furthered by a major software CEO who
called tech "the new cigarettes." It's
been continued as both political parties and traditional media executives
have jumped on perceived slights by a
couple of major tech companies. Once
again: enough already! These exaggerations ignore that tech is improving
lives around the world.

This
past year has
been difficult
for our
industry.

2

SEPTEMBER/OCTOBER 2019

i3_0919_FOB_CEO.indd 2

The on and off - and now on
again - tariffs have made the federal government our biggest
challenge. President Trump has
been threatening, requiring, demanding, withdrawing and then imposing
tariffs. Due to uncertain trade policies, we are like the girl in the movie
The Exorcist whose head kept spinning. While the tariffs are trying to
solve a real problem, the incredible

Gary Shapiro,
President and CEO

Illustration by Michael Austin/The iSpot

 D 

espite the turbulent stock
market, we have full employment and a healthy economy.
However, this past year has
been difficult for our industry:

We are on the cusp of a recession.
It is a question of when, not if. With a
global slowdown and the Fed lowering interest rates despite record
employment and low inflation, very
few tricks are left to keep the economy strong. While President Trump
may index capital gains to inflation to
juice the economy before the election,
we are planning for a slowdown in
2020 or 2021.
Let's get through this and hope history does not always repeat itself.

I T I S I N N O VAT I O N

9/9/19 2:12 PM



i3 - September/October 2019

Table of Contents for the Digital Edition of i3 - September/October 2019

Contents
i3 - September/October 2019 - Cover1
i3 - September/October 2019 - Cover2
i3 - September/October 2019 - Contents
i3 - September/October 2019 - 2
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