Washington, D.C. – May 15, 2018 – The following can be attributed to Jason Oxman, Chief Executive Officer of the Electronic Transactions Association, ahead of his testimony on Wednesday at the public hearings at the Office of the United States Trade Representative on the administration’s proposed tariffs on $50 billion in Chinese imports, which include cash registers and point-of-sale devices:
“The proposed tariffs would impact the cost of cash registers and point of sale devices for merchants, increasing prices for consumers, without any impact on China’s trade practices. Protecting American intellectual property abroad is an important goal, and ETA supports the Administration’s diplomatic efforts to curb harmful abuses.
ETA members power the U.S. economy by providing secure and affordable payments technology. These devices drive purchases, help small businesses grow, and create economic opportunities. Increased tariffs would significantly affect small-and-medium-size businesses that cannot absorb these cost increases. Raising device costs by 25 percent will ultimately result in a tax on U.S. consumers. We believe that these devices should not be included in any increased tariffs.”
ETA submitted a Section 301 submission to the Office of the United States Trade Representative on the proposed tariffs last week.
ETA members’ reach extends beyond the borders of the United States to every corner of the globe. In a modern, globalized economy, foreign policy decisions can shape the American economy. On May 24, ETA will hold a Policy Day in Toronto Canada on the impact of fintech and banking in the Canadian economy. On May 16-17, ETA will participate in the U.S. Department of Commerce FinTech and Banking Conference in Mexico City.
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the U.S. and deploying payments innovation to merchants and consumers.