Trump's Trade War Casualty List: 35 Companies and Organizations Complain

The number of companies and organizations complaining about tariffs and tariff retaliations is high and rising.

Bloomberg's "Tariff Tracker" report contains a list of companies impacted by Trump's trade war. I added four items to the list, numbers 32-35. Expect the list to grow.

  1. General Motors: Cut forecast for year on surging prices for steel and aluminum as tariffs stoke demand. Could be forced to cut U.S. jobs if tariffs are applied to imported vehicles and auto parts.
  2. Hexcel: Aerospace materials supplier expects a tariff impact of $2 million to $3 million on an annual basis related to imports from China.
  3. Harley-Davidson: Cuts profit margin forecast for year. Earlier had announced plans to move production overseas, amid EU tariff costs of $100 million annually
  4. Whirlpool: Cites rising cost of raw materials contributing $50 million to $100 million to previous forecast for input-cost increases this year
  5. Plains All American Pipeline: Company says tariffs will lead to an additional $40 million in the construction of a pipeline in the largest North American oil field.
  6. Illinois Tool Works: Tariffs seen representing about 10 percent to 15 percent of the higher cost of materials in 2018 for the maker of equipment for restaurants, medical labs and oil rigs
  7. Lennox International: Maker of air conditioners forecasts $5 million in costs in 2018 from tariffs and is raising prices to offset the expenses
  8. Lincoln Electric: Maker of welding equipment and supplies is raising prices on so-called consumables via surcharges instead of permanent hikes because it’s not clear how long tariffs will be in place
  9. Philips: CEO says company will raise prices on products such as hair clippers imported from China if the U.S. imposes tariffs
  10. Gentex: Maker of rearview mirrors for cars cut its annual gross margin forecast, citing increased raw material costs of as much as $8 million in the second half linked to imports from China.
  11. Saudi Aramco: Raised prices for butane and propane as Chinese companies are buying more LPG from the Saudi state-run producer and cutting imports from the U.S.
  12. Toyota: May have to stop importing some models in the U.S., North American chief says.
  13. General Electric: Sees as much as $400 million a year in impact from current and proposed tariffs, though about half could be offset by credits for exports to China. May adjust supply chain to mitigate effects.
  14. Stanley Black & Decker: Estimates $35 million impact in 2018 from tariffs already implemented; projects up to $80 million a year in costs from Trump’s proposal for $200 billion additional China tariffs including vacuums, hand tools, power tool accessories. Plans price increases to offset.
  15. PPG Industries: Maker of coatings for manufacturing, automotive industries says tariffs adding “modest cost” to raw materials, especially for tinplate used for paint cans.
  16. Sonoco: Maker of packaging materials, including pull tabs for canned food, projects as much as $9 million in tariff costs in second half of the year, plans price hike on some products.
  17. Nucor: Credits tariff for higher prices and demand, sees more than doubling investments to $1 billion in 2018.
  18. Alfa: Owner of processed-foods maker Sigma switched to Canadian, European and South American suppliers from the U.S. to avoid tariff.
  19. Alcoa: Cut profit forecast ranges by $500 million, citing tariffs on aluminum it imports from Canada along with higher energy costs and lower market prices
  20. Electrolux: Expects $10 million in added second-half costs from parts imported to U.S. and higher steel and aluminum prices.
  21. CSX: Rail operator sees positive effect on both steel and ore shipments as U.S. steelmakers add production
  22. Procter & Gamble: Cites ‘meaningful’ impact of tariffs on a handful of products in Canada, which accounts for 3% of global sales
  23. Kloeckner: Steel trader raises earnings forecast on higher U.S. prices.
  24. Suntory Holdings: The owner of Jim Beam bourbon whiskey, produced in Kentucky, says it must consider raising prices next year if EU tariffs on U.S. products continue.
  25. Ryerson: Metal processor’s sales guidance exceeds estimates in part because of higher anticipated demand from inventory dislocations tied to tariffs.
  26. Osram: Trade tensions will weaken sales of automotive lighting parts
  27. Volvo Cars: Owner Li Shufu says cars will cost more as trade wars escalate
  28. Brown-Forman: Raised Jack Daniel’s prices in light of EU tariffs
  29. Daimler: Cut profit forecast on U.S.-China trade fight
  30. Tyson Foods: ‘Day-to-day uncertainty’ in delivering products and services
  31. MillerCoors: Brewer says profit could fall by $40 million depending on how much aluminum prices rise
  32. Missouri-based Mid Continent Nail corporation, the nation's largest nail producer may go out of business.
  33. Catoctin Creek Distillery in Purcellville, Va. which just launched into European markets is hurt by EU's retaliatory tariffs.
  34. The Maine Lobster Dealers’ Association says Trump’s policy has the unintended effect of further helping Canada’s lobster market, which doesn’t face the same duties when selling to China.
  35. The Wisconsin State Cranberry Growers Association says retaliatory tariffs would “hinder our ability to compete in international markets.”

35 and Growing

Items 32-35 are from the New York Times article Lobsters, Small-Batch Whiskey and Trump’s Trade War.

I am sure there are dozens more companies and organizations we missed. The global economy was already slowing and this will not help.

Also consider "Tariffs are the Greatest!" Trump Seeks "One-Time" Aid to Farmers.

This we call "winning".

And it comes at a time when US housing has stalled, at best. For a housing wrap-up, please see June New Home Sales Decline 5.3 Percent from Huge Revision Lower in May.

Mid-Term Senate Battle

My assessment that a Tariff Backlash Could Cost Republicans the Senate is clearly in play.

Mike "Mish" Shedlock

Comments (23)
No. 1-23
SleemoG
SleemoG

To paraphrase Reagan, Trump is a voracious appetite at one end and zero responsibility at the other.

Carlos_
Carlos_

@Mish

You may want to remove Nucor as complainer: "Nucor: Credits tariff for higher prices and demand, sees more than doubling investments to $1 billion in 2018."

BTW Trump got EU to buy more Soybean to avert a trade war: Here is the "impact":

He will declare victory and its supporters will believe him. In my opinion the EU is letting him look good and will keep things as they are...

stillCJ
stillCJ

Editor

"TRUMP SECURES CONCESSIONS FROM EU TO AVOID TRADE WAR; EU AGREES TO IMPORT MORE SOYBEANS, LOWER INDUSTRIAL TARIFFS, WORK MORE ON LNG EXPORTS - CNBC CITING DOW JONES" and yet somehow the TDS infected Trump haters will put a negative spin on Trump's latest WIN for America.

Carlos_
Carlos_

It is not a win at all. It is actually pathetic. 1) Soybeans imports is a minuscule (see my previous post) . 2) LNG? Come on the EU is a net importer of LNG so they shift some from one supplier to another. 3) "some industrial" tariffs. The devil is in the details but I'll be surprise if it is of any EU significance. What this announcement does, however, is help Trump save face. Really wasn't the goal all about auto? LoL

stillCJ
stillCJ

Editor

Too funny - Carlos just did exactly what I predicted.