Thursday, September 12, 2019

Tarriffs are hurting Tennessee
Although President Donald Trump has announced he will delay tariffs on $250 billion worth of goods until October 15, but the trade war with China is hurting Tennessee businesses and consumers, says Matt Murray, a University of Tennessee economist. Tariffs raise the cost of goods and services for American businesses and consumers, and are having a growing psychological impact on investors and managers, says Murray. The economist has been doing economic forecasting for the Volunteer state for more than 20 years. Tennessee’s distilleries and soybean farmers have been hardest hit by the tariffs, but Murray says more consumers will be hit because the tariffs continue to escalate. Trump imposed another 15% tariff on many imports from China on Sept. 1, more are planned for Oct. 15, and still more in December. Tennessee’s major auto industry with more than 900 manufacturers, assemblers and parts suppliers, also will be impacted by tariffs on steel and aluminum imposed on Mexico and Canada. The U.S. Chamber of Commerce says Tennessee is one of 29 states experiencing what it calls an “extremely significant impact” from the trade war. “Simply put, tariffs are a tax on American consumers and businesses,” the Chamber says. Tennessee exports $2 billion in goods and services to China, and $508 million to Europe, which will be affected by tariffs imposed in response to the US tariffs. Cars and parts, medical instruments and computer equipment are the Tennessee-manufactured goods hit hardest, the Chamber says.

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