By: Timothy Boone and Sam Karlin, The Baton Rouge Advocate
A Louisiana soybean farmer is bracing for a $150,000 hit annually from China's expected retaliation against U.S. tariffs set to go into effect Friday on $34 billion in Chinese goods.
Chinese officials vowed again Thursday to level similar charges against a range of American-made products, a move that will have a major impact on Louisiana as the nation's second-largest exporter to China of goods made here or shipped through the state's ports.
The list of products targeted with tariffs were methodically thought out by both countries, noted Jerry Hingle, president and CEO of the New Orleans boutique consultancy International Trade Associates. China “surgically” taxed products that would hit America’s heartland — in this case, many of its farmers.
In all, Louisiana exports $7.9 billion worth of products to China, according to Louisiana Economic Development data, led by $5.7 billion in agricultural products, $1 billion in oil and gas products and $814 million in chemical products, which are susceptible if the trade war escalates.