May 10, 2019 - Economy & Business
America's biggest trade war losers
As a major exporter of soybeans, one of the U.S. exports long targeted by China, Louisiana will be especially hard hit by the trade war.
Details: Chinese tariffs also targeted petrochemical-heavy industries like plastics products in the second and third rounds of retaliation as the U.S. chemical industry began the first wave of more than $200 billion in new and planned infrastructure, S&P Global Platts notes.
What they're saying: "The potential of a 25% tariff from tonight would have a major impact on our production, on our investment and pricing," said Alex Camara, CEO of Audio Control in Seattle, on a call Thursday with reporters organized by the National Retail Federation.
- "It frustrates me a little when I see headlines that tariffs are a tax on the Chinese economy. No, they are not. They are a direct impact on the cost and cash I have to spend on employment and investment. This is a direct tax."
Go deeper: Grading the impact of Trump's China tariffs