Dan Anthony Profile picture
Aug 23, 2018 14 tweets 14 min read Twitter logo Read on Twitter
In light of today US-China tariff escalation, worth highlighting some of the incredible details in @SenRonJohnson's letter to the Administration about harm from 232/301 #tariffs to #Wisconsin companies. #TariffsAreTaxes #TariffsareBAD bit.ly/2Lm4Nr6 1/X
@SenRonJohnson From @CV_Bean in Menomonie, Wisconsin: “CVB has cancelled over $3.5 million in capital purchases for 2018 since the retaliatory tariff was applied, as well as scrapping over $15 million in expansion plans for 2019."
@SenRonJohnson @CV_Bean More from @CV_Bean: "Kidney bean suppliers in Canada, China & Argentina will raise their prices, too, slightly below the US base price plus the tariff. The end result is that our competitors will increase their profit margins while US farmers can’t sell their beans.” 3/X
@SenRonJohnson @CV_Bean From Hillcrest Family Farm in Pittsville, Wisconsin:

Employees: 5 full time, 5 part time
Annual Sales: $1.1 million
Tariff impact: over $60,000 loss alone in soybeans to our family farm in last 30 days

@SenRonJohnson @CV_Bean From @HUSCOintl in Waukesha, Wisconsin: 25% tariffs “affects close to 100% of the components, which are used for final assembly work in Husco’s U.S. factories, that we purchase from Chinese suppliers.” 5/X
@SenRonJohnson @CV_Bean @HUSCOintl More from @HUSCOintl: "Husco is not able to absorb the magnitude of this cost increase which approximates $11 million annually.” 6/X
@SenRonJohnson @CV_Bean @HUSCOintl And still more from @HUSCOintl: "We are also evaluating moving manufacturing from the U.S. to our factories in Europe, China and India which are not affected by the tariffs. The potential exists for the loss of more than 100 jobs in Iowa and Wisconsin.” 7/X
@SenRonJohnson @CV_Bean @HUSCOintl From Jagemann Stamping in Manitowoc, Wisconsin: "We have historically exported 20-23% of our sales – to 17 countries. EXPORT INQUIRES HAVE ALL BUT DRIED UP.” 8/X
@SenRonJohnson @CV_Bean @HUSCOintl More from Jagemann: "There is another impact here - many of the materials are going to Mexico or Canada - and our customers are pushing us even harder to go to Mexico FAST - or they will resource to these two countries.” 9/X
@SenRonJohnson @CV_Bean @HUSCOintl Modine Manufacturing (@ModineMfg) in Racine, Wisconsin provided too many details to summarize, so they are all below. 10/X
@SenRonJohnson @CV_Bean @HUSCOintl @ModineMfg From @madebyregalware in Kewaskum, Wisconsin:

• In the last 5 years we have invested over $7 million in our manufacturing facility in order to remain competitive in world markets. A 25% increase in raw material prices has negated the effects of those investments.

@SenRonJohnson @CV_Bean @HUSCOintl @ModineMfg @MadeByRegalWare More from @madebyregalware:

• We are estimating a loss of revenue in the range of $2 to $2.5 million the reminder of this year due to the tariffs.

• It is doubtful we would put any more major investments into our facilities as long as the current conditions exist.

@SenRonJohnson @CV_Bean @HUSCOintl @ModineMfg @MadeByRegalWare And the kicker from @MadeByRegalWare:

• We have slowed down hiring even though we have 13 open manufacturing positions. We will need a clear view of the future before we will fill all those positions.

@SenRonJohnson @CV_Bean @HUSCOintl @ModineMfg @MadeByRegalWare Those are only SOME of the impacts from SOME of companies detailed in this one letter ( bit.ly/2Lm4Nr6).

Now think of all the companies/workers in all the towns and states dealing w/these same issues, only worse given today’s escalation. How does this end well? /END

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