The latest escalation in the trade war with China is driving uncertainty for many Indiana businesses. One Indiana trade group is working to help companies find some stability in new markets.
The trade war between the U.S. and China has continued to intensify more than a year after the Trump Administration imposed the first round of tariffs.
Greg Zoeller is chairman of the World Trade Center of Indianapolis. He says instead of cutting back in the face of growing uncertainty, his organization is working with companies to find alternative markets outside of China.
“At a time where their somewhat nervous about the future, but find ways to expand their global accessing of markets and the accessing of supplies,” says Zoeller.
Indiana exports more than $3 billion worth of goods and services to China according to the U.S.-China Business Council.
Zoeller says price increases on products impacted in the trade war have yet to show up on the shelves.
“I do think that the impact on consumers should be later this year,” he says. “And those things really do have an impact on our economy as a whole.”
This spring retailers across the country warned that increased tariffs in the ongoing trade war would put them in a position to raise prices and/or cut production.