A global trade advocacy group predict businesses face price hike pressure and could be forced to freeze hiring.
Minnesotans have faced nearly $1 billion in additional tariffs since February 2018, according to a new report from advocacy groups favoring global trade.
Using import and export data from the U.S. Census Bureau and the U.S. Department of Agriculture, consultants for the groups Americans for Free Trade and Farmers for Free Trade said new tariffs on Chinese imports totaled $632 million in Minnesota from February 2018 through August 2019. In addition, Minnesota farmers and other businesses faced $343 million in retaliatory tariffs placed on American exports that cut their sales significantly.
In August, the tariff toll on Minnesotans was $60 million for importers of Chinese products and $46 million for those facing Chinese retaliation, said Americans for Free Trade, a coalition of other trade groups whose members include Minnesota multinationals such as Best Buy, Target Corp., 3M, Ecolab, Cargill, Medtronic and General Mills.
View the complete October 9 article by Jim Spencer on The Star Tribune website here.