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CNNMoney reported Tuesday that the risk of a global trade war is rising, citing a memo that Bank of America Merrill Lynch U.S. economist Michelle Meyer wrote to clients on June 22. CNNMoney's article notes the Trump administration's already imposed tariffs on Canada, Mexico and the European Union were followed by swift retaliation from those traditional allies, adding that the first round of tariffs on China are set to go into effect on July 6. The Trump administration also reportedly is weighing auto import tariffs and restrictions on Chinese investment in U.S. technology. Here in Maine, businesses that are feeling the pinch of already-implemented tariffs on Canadian steel and aluminum imports include Hussey Seating Co. in North Berwick, which told Mainebiz price increases for domestic and Canadian steel will create a competitive advantage for foreign manufacturers, threatening its longstanding dominance in the North American gym bleacher market. A similar concern is voiced by Maine's lobster industry, which faces the threat of new duties imposed by China on lobsters starting on July 6. China imported more than 17.8 million pounds of lobster from the U.S. in 2017, most of it coming from Maine, eclipsing the previous record of about 14 million pounds in 2016.
Are the Trump administration's trade policies hurting your business?