Tariffs a bad idea, says UTC chief
14th October 2018
USA: Gregory Hayes, chairman and CEO of Carrier Air Conditioning’s parent company United Technologies has called US trade tariffs “a bad idea” in which nobody wins.
In an interview with Fortune magazine, Hayes says the trade war between the US and China could hurt American businesses and consumers.
“Ultimately, tariffs are just a tax on the consumer,” he says. “When our costs of our air conditioners go up, the cost of our engines go up, you see that in the ticket price of a new air conditioner. You see that in the ticket prices of a new airline.”
UTC, which operates Otis elevator and Carrier air conditioning plants in China, also disagrees with President Trump that the tariffs will save US jobs. “The fact is that jobs move where the customers are. We’re not going to bring any of those jobs back because of these tariffs,” explains Hayes. “It’s a very short-sighted view and not a very informed view.”
He insists that the elimination of tariffs is important: “We have lifted 30% of the world out of poverty in the last 30 years because of free trade,” he said.
Gregory Hayes was elected chairman of United Technologies Corp in September 2016. He has been president, CEO and director since November 2014.
