Union Pacific CEO Lance Fritz tells Jim Cramer that he is optimistic about trade relations with China, Mexico, Japan, and the EU.
"I think [tariffs are] gonna ultimately damage the U.S. economy if they go on too long," Union Pacific Railroad chief Lance Fritz says.
President Donald Trump has the right goal in mind to settle ongoing trade issues with China, but his approach could have far-reaching consequences on the U.S. economy,It's time to hold the Beijing's feet to the fire and push them to honor international trade standards of the World Trade Organization, yet tariffs on billions of dollars of imports from the country are hurting local economies, he added.
"They're about zero right now so that means 20% of the crop has to find a new home and what a lot of people don't think about is once you break a supply chain, other supply chains grow to replace it," he said.
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