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Trump tariffs felt in New York

Dec 15, 2018 5:25 pm
Joseph Spector, Chad Arnold and Jeff Platsky report in the Poughkeepsie Journal that some New York farmers and businesspeople believe the President's tariff policies have already slowed down sales, and led to higher prices for steel. “As soon as they started talking tariffs, the imports slowed down,” said Joseph Morgan, the chief executive at a Cortland County company that makes things such as steel enclosures for military electronics and screws for aerospace. “All the jobs we bid on last year we were losing money on. It was one of busiest year with some of our lowest margins.” In September, the Trump administration added a 10 percent tariff on $200 billion in Chinese products that is set to jump to 25 percent on Jan. 1 unless a new deal is struck between the countries. Tim McMorris, general manager of Marco Manufacturing, an electronics company in Poughkeepsie is hopeful a deal will be made. "We were expecting a 25 percent tariff on a lot of the parts we import to build our printed circuit boards, so that's a good thing if in fact they are going to delay that or hopefully remove it all together," he said. Farmers have seen prices for soybeans drop by nearly $2 per bushel since the tariffs were first announced. In Central New York Seth Pritchard's 800-acre farm produces an average of 36,000 bushels of soybeans a year, so $2 a bushel has a major impact. “The tariffs impacted us significantly,” he said. Read the full story in the Poughkeepsie Journal.