World Trade Center Utah warns of $60m losses from trade war
A trade war with China could cost a wide variety of Utah businesses 60 million dollars.
The list includes Utah’s aerospace industry, hog farms, plastics manufacturers, aluminum recycling companies, wheat farmers and orchard owners.
A new report from World Trade Center Utah points out the following:
• Over 40% of Utah’s aluminum exports went to China and Hong Kong in 2017. Chinese tariffs on aluminum waste and scrap threaten over $26 million, more than a third of Utah’s aluminum exports worldwide.
• Utah exported over $19 million in beef products to China and Hong Kong in 2017. Chinese tariffs threaten all Utah beef products exported to China, nearly 20% of Utah’s worldwide beef exports.
• 14% of Utah’s $162 million in plastics exports went to China and Hong Kong in 2017. Chinese tariffs threaten about $12 million, or 7%, of Utah’s worldwide plastics exports.
• Chinese tariffs threaten indirect exports of nearly $20 million in Utah’s pork products and $300,000 in fruit, as estimated by The Utah Department of Agriculture and Food.
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