Escalating trade war with China creates worries for Washington state economy
With Friday’s word that President Donald Trump’s trade war with China continues to escalate, the Port of Seattle has expressed concerns about the local economic impacts.
Trump posted a series of tweets calling on U.S. companies to pull out of China. China said it would enact new tariffs on $75 billion in U.S. products. The U.S. previously said it plans to enforce 10% tariffs on $300 billion of Chinese products starting in the fall.
CNBC reported China will target U.S. electronics, including cellphones, along with machinery, aircraft/parts and vehicles. It does not appear this will have an impact on Boeing's core business at this time, but details remain murky.
“What we’re hearing about this latest round of tariffs is it’s a big problem for Washington State,” said Port of Seattle Commissioner Ryan Calkins. “It will affect everyone in the U.S., but as the most trade-dependent state in the nation, it particularly impacts us.”
Though it's an ocean apart, Calkins said the Washington economy is closely tied to China. Imports from the country make up about 60% of the goods coming into Northwest Seaport Alliance ports in Tacoma and Seattle.
China is the top recipient of U.S. exports originating in Washington, according to U.S. Census data.
https://www.msn.com/en-us/money/news/escalating-trade-war-with-china-creates-worries-for-washington-state-economy/ar-AAGhd7k
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