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How Will The 'Tariff Economy' Affect New York State?

July 09, 2018 - 2:48 pm

NEW YORK (WCBS 880) -- How long before the new tariff economy starts affecting New York – both around the city and upstate?

Crains’ Greg David, director of the business reporting program at the CUNY Graduate School of Journalism, said no effects have been seen yet, but it’s not hard to spotlight where the tariffs are going to hurt.

“There’s about a billion and a half products annually that are subject to retaliation from Canada, China, the EU, and Mexico under what are already announced efforts to counter the Trump tariffs. You know, I think the biggest part is like Canada – there’s about almost a billion dollars,” David told WCBS 880’s Wayne Cabot.

David broke down some of the specific goods from New York that would be affected.

“We send them aluminum products, we send them oil and glass drilling products, and we send them pastries – bread and things like that. Mexico’s another place – we send a lot of food to Mexico. And if the EU retaliation goes into effect, all kinds of makeup and rouge and baby powder, as well as some chain-link fencing and all that,” he said. “So yes, there are many products in New York that will be targeted; that have been targeted, and will be affected by the tariff war.”

New York state is also a big dairy producer, but few dairy products are exported.

“That’s one of the things Trump is crazed about is that Canada actually does have rules which keep our dairy products out,” he said.

David noted that many other places in the country will be affected far more dramatically.

“I mean, if you’re in farm country, you know, the price of soybeans has already dropped dramatically because of the retaliatory tariffs that China has put involved. Where it could really hurt New York is if this escalates from these kinds of products to consumer products; if (President Donald) Trump decides to put tariffs on iPads or iPhones coming for China and other consumer products, then New York consumers will really feel the pinch,” he said.