KENOSHA, Wis. (SPECTRUM NEWS) - The impact of increased tariffs from China could be felt right here in Wisconsin. Friday China announced a $75 billion dollar tariff hike on US products. At this point it is not clear what types of goods would be affected. However, the country also plans to increase import taxes on cars and auto parts made here in the United States. As demand for American cars grows in China, those who work in the US auto industry here in Wisconsin could feel the crunch.
“It is likely to hit Wisconsin reasonably hard. About 7% of exports from Wisconsin are auto related goods, and China is one of the fastest growing auto markets in the world. Tthey sell about 25 million new cars every year. As a point of comparison the US sells about 8 million new cars a year.” Says Carthage College Assistant Professor of Economics Erik Johnson
Johnson says the agricultural industry and heavy manufacturing in the state could also take a hit as a result of the tariffs.