Indiana businesses are concerned the escalated trade war between the United States and China will hurt their financial future.
The Indiana Chamber of Commerce says the state exports more than $1 billion in goods to China annually and the damage to Indiana businesses from higher tariffs could be “devastating.”
Chamber President Kevin Brinegar says there are important trade issues that need to be addressed with China. But he cautions against putting U.S. businesses in the crosshairs.
“The businesses are sort of a pawn in this game,” says Brinegar. “I analogize it to sort of gambling with other people’s money.”
He says companies tried to absorb the earlier tariffs, but will no longer be able to with the increased rates.
“That, could very well lead to changes in behavior of their customers and reduced demand for their products,” says Brinegar.
China has retaliated against higher U.S. tariffs with a list of $60 billion worth of U.S. goods they plan to raise tariffs on starting next month.
Brinegar says the chamber is encouraging businesses to reach out to lawmakers with their concerns about the ongoing trade war.