The Household & Commercial Products Association (HCPA) released the following statement today, attributed to Steve Caldeira, President & CEO of HCPA, after the U.S. reached a trade deal with China.
As part of the Phase One agreement, the U.S. agreed to modify its Section 301 tariffs in exchange for China spending $50 billion on U.S. agricultural goods, tightening its intellectual property protections and opening its financial services markets.
“Since China is a major U.S. trading partner, these tariffs have been burdensome and costly for consumer and commercial product manufacturers. The manufacturing community has experienced drastic increases in the cost of raw materials and taxes on unfinished products over the last 21 months because of the Section 301 tariffs on Chinese goods and the accompanying retaliatory tariffs from China on American goods.
HCPA member companies contribute $180 billion annually to the economy and support 200,000 direct jobs by manufacturing trusted and familiar products that keep American homes and workplaces clean. The recent trade war with China has hindered manufacturers’ ability to invest in innovation and conduct free trade over the Pacific.
This is a positive development and we applaud the Trump Administration for establishing a better relationship with China, including a potential Phase Two agreement that would protect American interests, but there is more work to be done to resolve these trade differences.”