The ATM Industry Association (ATMIA) has announced its intentions to file a comment letter regarding proposed new tariffs on ATM manufacturers in China. According to the association, USTR-2018-0026 (which includes HTSUS Code 8472.90.1000), the proposed tariff of 10 percent on ATMs manufactured in China would disproportionately impact small businesses. A second proposed tariff of 25 percent on ATM parts and components would have an even broader impact.
ATMIA supports free trade and elimination of tariffs which thwart free trade and damage businesses and jobs in sectors adversely affected by the direct and knock-on effects of tariffs. True competition thrives when markets are allowed to operate freely with minimal interference from governments.
“We’re concerned that these tariffs, of 10 percent and 25 percent respectively, will have significant adverse economic impacts on ATM manufacturers, distributors and owners, not to mention businesses reliant on ATMs further down the value chain,” said Mike Lee, CEO of ATMIA. “We believe that increased ATM costs at this time could end up getting passed down in a chain reaction to hard-hit consumers. Given the critical role of ATMs in today’s consumer economy, these tariffs are considered unwise.”
Numerous ATMIA members have already requested an opportunity to testify at the public hearings later this month. All industry stakeholders are encouraged to file their own comments regarding the potential impact on their organization. Written comments are due by August 17, 2018 and can be submitted to the federal register website, referencing docket ID USTR-2018-0026.