As the trade war between China and the U.S. seems poised to escalate with tariffs expected to increase on March 1, new data show the burden so far on Oregon businesses.
A nationwide coalition of more than 150 farmers, retailers and other businesses called Tariffs Hurt the Heartland, calculated that Oregon businesses paid $84 million in added tariffs since October of last year.
The cost of tariffs for Oregon more than doubled since last fall. The amount paid in October 2018 was fourteen times that paid in the same month in 2017.
New data show effect of trade war on the state.
Advertisement
Pacific_Power_1_4_Page_
Besides the tariffs Oregon businesses paid on their raw materials shipped from overseas, they also felt the burden of retaliatory tariffs on their finished goods sent abroad. Since the start of the trade war, Oregon exports faced $40 million in tariffs from trading partners responding to the U.S’s trade policy. In October, Oregon exports subject to those tariffs dropped by 16%.
“Some businesses in Oregon have supply chains that rely both on domestic agriculture and international imports,” says Matt McAlvanah, a spokesman for Tariffs Hurt the Heartland. “A lot of them are getting hit from both ends.”
The group sent a letter to Oregon governor Kate Brown urging her to support policies that would curb the damage. The businesses wrote that, “continuing to escalate the trade war will drive uncertainty across all industries, increase stock market volatility, and create more stories of economic pain, which we are already seeing on a daily basis.”
Oregon businesses pay $84 million in extra tariffs
OREGON UPDATE
new_2new_1
SHARE
BY CALEB DIEHL, PUBLISHED IN OREGON BUSINESS, ECONOMY AND FINANCE | February 4, 2019
Article_2_._Image__Oregon_Business_Tarrifs
The Chamber of Medford/Jackson County
101 E. 8th St.  |  Medford, OR 97501
Phone: (541) 779-4847

© 2019 All Rights Reserved