Washington – President Biden faces Congress and voters this week to highlight his accomplishments, and make his case for re-election. He will likely cite signs of a rising economy. While the outlook of the economy remains on the rise, Biden Administration policies targeting some of the leading U.S. companies may lead to future detrimental economic impacts.
For example, ordering U.S. trade officials to essentially stand down on digital trade, the fastest growing sector in U.S. service exports, will damage exporters and consumers as U.S. tech companies face increasing barriers to global markets. If the U.S. Trade Representative does not defend the flow of digitally-enabled trade, U.S. economic sectors from financial services to entertainment will encounter obstacles in delivering their exports. Meanwhile, increased scrutiny against mergers and acquisitions domestically and abroad threatens U.S. companies.
The Computer & Communications Industry Association has advocated for a competitive tech industry for more than 50 years.
The following can be attributed to CCIA President & CEO Matt Schruers:
“As U.S. companies compete around the world to provide products and services, they need U.S. policymakers to promote — or at least not hinder — their constituents’ interests. Increasingly, we are seeing Administration officials from trade diplomats to regulators do the opposite, undermining U.S. companies that aim to compete in the global marketplace. Undermining U.S. exports may be popular in some circles, but these policies have real pocketbook consequences. Americans have the most to lose from poorly targeted digital trade policies.”
“The President has an opportunity to renew the push for Congress to pass overdue comprehensive federal privacy legislation that protects users across digital services regardless of age. While states and Congress have expressed interest in a range of measures to protect younger users online, many of the goals could best be solved with consistent federal rules — rather than inconsistent state initiatives, some of which violate federal law.”
