Trade war’s wounded: Companies improvise to dodge cost hikes
WASHINGTON (AP) — In Rochester, New York, a maker of furnaces for semiconductor and solar companies is moving its research and development to China to dodge President Donald Trump’s import taxes — a move that threatens a handful of its 26 U.S. jobs.
In California’s San Joaquin Valley, the CEO of a company that makes precision parts for the biomedical and chip making fields jokes bitterly that he’s running “a nonprofit.”
And west of Detroit, a metal stamping company that supplies the auto industry is losing business to foreign rivals because Trump’s steel tariffs have raised metals prices in the United States.
Trump frequently boasts that the taxes he’s imposed on imports have showered the Treasury with revenue. Yet tariffs like Trump’s account for barely 1 percent of federal revenue.