BY THOMAS SANTUCCI
New tariffs on steel, aluminum, and Chinese imports, as well as the potential for additional tariffs on autos and auto parts, have pushed the United States to the brink of a global trade war.
Canada, Mexico, the EU, and China have already retaliated—or announced plans to retaliate—with billions of dollars in tariffs on American-made products. Millions of U.S. jobs depend on America’s ability to trade with other countries. Half of all U.S. manufacturing jobs depend on exports, and one in three acres of American farmland is planted for international sales.
Imposing tariffs on imported goods will hit American consumers and businesses—including manufacturers, farmers, ranchers, and technology companies—with higher costs on commonly used products and materials. Simply put, tariffs are a tax on American consumers and businesses.
In New York State, $1.2 billion of exports to Canada are in jeopardy due to the emerging trade war. The hardest-hit products are the following:
• Aluminum Alloy – $564million exported annually to Canada from NY
• Oil, Gas, Iron, or Steel – $148 million exported annually to Canada from NY
• Bread, Pastries & Cakes – $66 million exported annually to Canada from NY Further, $25 million of New York exports to Mexico, $196 million to China, and $145 million to Europe are all targeted for retaliation.
This ultimately matters because 2,709,200 New York jobs are supported by global trade. It is important to stay apprised of these matters due to the clear impact on our trading abilities within New York State. For an already-deteriorating manufacturing sector in New York City, we must advocate for our local business owners and do what we can to stimulate economic growth.