The U.S.-China trade war is escalating, but many U.S. industries are already feeling the pain of last summer's skirmish.
By Ted Mellnik , Ted Mellnik Database editor Email Bio Follow Leslie Shapiro and Leslie Shapiro Graphics reporter focusing on data and multimedia storytelling Email Bio Follow Kate Rabinowitz Kate Rabinowitz Graphics reporter Email Bio Follow May 16 at 12:57 PM President Trump’s trade war with China escalated this week, as China announced tariff increases on over $60 billion worth of goods in retaliation for new U.S. tariffs.
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Vehicles The $1.9 billion drop in vehicle sales to China made just a 4 percent dent in overall U.S. exports of cars and trucks. The United States has threatened additional auto tariffs but they would be months away from taking effect, leaving time for trade disputes to be resolved. Snow said his industry is looking for alternative markets. “But at the end of the day, there really are no other markets out there that can absorb anywhere near the volume that China was taking in,” Snow said. He added, “If this continues for several months, I think there’s no question that we’ll see mill closures and layoffs in the industry.”
“So we have already felt what trade disparity means to our industry,” Tselikis said. “To be going through this again with China is very frustrating for our businesses. This industry is incredibly important to the Maine economy. … Our fear is that this does eventually catch up with everybody, whether you’re a commercial fisherman or a truck sales company in Ellsworth, or you’re a fuel distributor. This is going to impact our economy.
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