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Friday, August 10, 2018 — 13:18:46 (EDT)

ATM Industry Association opposes China trade tariffs as threat to business

Sioux Falls, S.D., Aug. 9, 2018 (BusinessWire) -- ATMIA (the ATM Industry Association) announced today that it will file a comment letter on USTR-2018-0026, which includes HTSUS Code 8472.90.1000, defined as ATM units. The proposed new tariff of 10% on ATMs manufactured in China would disproportionately impact small businesses. A second proposed tariff of 25% 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.

ATMIA encourages the Administration of President Trump to suspend the implementation of these tariffs. ATMIA and its members stand ready to provide further input on these and other related issues.

“We are concerned that these tariffs, of 10% and 25% 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,” commented 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 (www.regulations.gov ), referencing docket ID USTR-2018-0026.

About ATMIA www.atmia.com :

ATMIA is the leading non-profit trade association representing the entire ATM industry. ATMIA serves more than 10,000 members from over 690 participating companies in 70 countries spanning the whole ATM ecosphere, including financial institutions, independent ATM deployers, equipment manufacturers, processors and a plethora of ATM service and value-added solution providers. ATMIA provides education, advocacy and connections to help its members keep abreast of industry news and developments; increase knowledge and professionalism; improve operational efficiencies; influence regulatory processes; participate in the local, regional and global ATM community; and forge new relationships to advance their businesses.

Source: Company press release.

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