6th January 2025 – (Los Angeles) The Consumer Technology Association (CTA) has issued a stark warning regarding the proposed tariffs by President-elect Donald Trump, indicating that these measures could severely limit Americans’ ability to purchase technology products. The financial impact could reach as high as $143 billion, significantly reducing consumer purchasing power.
In a detailed report, the CTA forecasts that laptop and tablet sales could fall by an alarming 68 per cent, while gaming console purchases may decline by 58 per cent. Additionally, smartphone sales—central to modern consumer technology—could drop by up to 37 per cent.
“Our positive forecast reflects the industry’s strength, but proposed tariffs threaten the deflationary power of tech in the global economy,” said Gary Shapiro, CEO of CTA. “Tariffs are a tax on American businesses and consumers. We urge the incoming administration and Congress to prioritise an Innovation Agenda that fosters growth.”
Brian Comiskey, CTA’s senior director of innovation and trends, emphasised the importance of monitoring consumer preferences. “We’ve been really watching closely in our forecast research, looking at the tech products consumers love and rely upon, including smartphones and laptops, and understanding that they may be threatened by President-elect Trump’s tariff proposals.”
Ed Brzytwa, CTA’s vice president of trade, voiced concerns about the potential for international backlash. “Retaliation from our trading partners raises costs, disrupts supply chains, and hurts the competitiveness of U.S. industries,” he stated, urging careful consideration of these factors in trade policy formulation.
Despite these challenges, the report anticipates that the U.S. consumer technology industry will experience growth of 3.2 per cent, reaching a total of $537 billion by 2025.
© 2021 DimSum Daily. ALL RIGHTS RESERVED.
© 2021 DimSum Daily. ALL RIGHTS RESERVED.