American firms assess tariff impact
Print Edition
COMPANIES and trade groups in the US have expressed concern over how the escalating trade spat between the world’s two biggest economies could affect operations.
Beijing retaliated immediately to tariffs on tens of billions in Chinese imports imposed by US President Donald Trump on Friday. US trade groups stepped up their criticism, while some large companies such as Boeing said they were beginning to evaluate the tariffs’ possible effects. Boeing garnered about 12.8 percent of its 2017 revenues from China and is frequently seen as among the more vulnerable US multinationals to a full-on trade war.
US automakers, which have targeted China as a key growth market, are also slated to be hit by the bruising tariffs. American auto giant Ford has sold 338,386 cars thus far in China in 2018, about one-third the number in the US, and had welcomed a Chinese plan to lower tariffs on auto imports.
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