Washington – As the incoming Administration looks to prioritize the economy, the digital economy is a bright spot that could easily grow further by ending or pushing back on recent policies targeting U.S. tech companies.
According to a Computer & Communications Industry Association Research Center report using data from the U.S. Census Bureau and the Fred Database, there are at least 382,000 firms in the digital economy producing $93.3 billion in exports, contributing 1.8 trillion dollars, or seven percent, of the entire U.S. GDP.
Instead of pursuing policies that target successful U.S. companies producing products consumers value, or contributing to significant trade surpluses, the new Administration could:
- Push back on discriminatory regulations domestically and abroad
- Enforce existing trade agreements and prioritize digital trade in future trade deals
- Support infrastructure growth by: adding broadband spectrum, increasing U.S. chip production, and supporting data centers
CCIA has advocated for innovation and policies that encourage growth in the tech sector since 1972.
The following can be attributed to CCIA President & CEO Matt Schruers:
“US digital services contribute seven percent of the entire GDP and leading tech companies make up about a third of the value of the S&P 500’s market capitalization. Policies that enable growth result in increased benefits to the overall U.S. economy, job creation, and help U.S. companies compete with China.
“To continue growing the economy, lower the costs of consumer goods, and encourage job growth, the incoming Administration should take another look at increased regulatory burdens, enforcement actions that are antithetical to consumer welfare, and prioritize direct engagement against discriminatory digital trade rules abroad.”