U.S. Workers Already Feel the Effects of U.S.-China Trade Tensions

Date : 05/16/2018 @ 5:49PM
Source : Dow Jones News
Stock : United States Steel Corp. (X)
Quote : 20.785  -0.525 (-2.46%) @ 8:49PM

U.S. Workers Already Feel the Effects of U.S.-China Trade Tensions

United States Steel (NYSE:X)
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By Matt McDonald 

The night Scott Wolfe, a U.S. Steel worker in Granite City, Ill., got his job back, he took his family out for a nice dinner for the first time in months. "It was a celebration," said Mr. Wolfe, whose father and grandfather also worked at the plant.

Mr. Wolfe said he and other steelworkers directly benefited from the Trump administration's March decision to raise tariffs on steel and aluminum from every country except Canada and Mexico.

"We waited a long time for tariffs," he said. "If [Trump] hadn't signed them, I believe I'd still be looking for a job."

The tariff increase, which led China to retaliate, landed differently with Bob Hemesath, a hog and corn farmer one state away in Decorah, Iowa. China raised tariffs on billions of dollars of agricultural goods, a move that is weighing on Mr. Hemesath, and possibly his bottom line.

"Even the talk about it pushed the hog market down tremendously in the few days after that," Mr. Hemesath said.

The pressure on farmers like Mr. Hemesath is fueling talks between the U.S. and China aimed at removing the tariffs in exchange for reconsidering U.S. sanctions on Chinese telecom company ZTE Corp.

In the video above, Messrs. Hemesath and Wolfe talk about how the U.S.-China trade tension is impacting their livelihoods.


(END) Dow Jones Newswires

May 16, 2018 13:34 ET (17:34 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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