i3 - March/April 2020 - 2

From the CEO

The Tariff Front

I look forward to
a trade deal with
China in 2020,
getting away
from two steps
forward, one
tweet backward.

2

MARCH/APRIL 2020

i3_0320_FOB_CEOLetter.indd 2

On January 15, I was thrilled to be at
the White House with many leaders in
Washington when President Trump
signed phase one of a trade deal with
China's Vice Premier. I was even more
thrilled when he called out my name to
publicly thank me as part of his speech
before the signing.
The deal was a breakthrough between
two of the world's top economic powers,
and hopefully foreshadows a warming
relationship after a rocky two years of
negotiation, threats, tariffs and
counter-tariffs.
The best news for our industry was
that the 25% tariffs on some of our
major categories (smartphones and tablets) were taken off the table (for now).
More, 15% tariffs on technology products such as smartwatches, fitness trackers, desktop computers, digital cameras
and lithium batteries were scaled back
to 7.5%.
But the bad news is 25% tariffs remain
on a host of products and accessories on
the first two lists. I have spoken with
many in the industry whose companies
have been devastated by these taxes.
For this reason, our response publicly
to the deal was muted. We applaud the
president for reaching this deal but
view it as a step towards a more

comprehensive deal where all extra tariffs would be removed.
As a practical matter, I am skeptical
that much will happen this election
year. The Democrats have not criticized
the deal, nor did they praise it. In fact,
on the very day of the White House
event, Speaker Pelosi held a press conference, voted on the impeachment
and had a highly publicized delegation
walk over the impeachment document
to the Senate.
The good news for us as a nation is
that we are at a warmer place with
China, are likely to see some stability
through 2020 on the tariff front and the
economy, and Wall Street has responded
favorably to the deal. With the coronavirus and challenges with Hong Kong and
Taiwan, China may be more amenable to
warming its relationship with the U.S.
While we still face huge long-term challenges, I look forward to a trade deal
with China in 2020, getting away from
two steps forward, one tweet backward.

Gary Shapiro,
President and CEO

The Washington Post via Getty Images

Chinese Vice
Premier Liu He
and President
Donald Trump

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

3/13/20 11:42 AM



i3 - March/April 2020

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i3 - March/April 2020 - Contents
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