This morning President Donald Trump will announce tariffs on Chinese imports. Something most business groups in Florida, as well as nationwide and for that matter worldwide, were hoping would not happen.
While the officials at the White House, see this as a bold move aimed at curbing theft of U.S. technology. The larger concern outside the West Wing is that the move will likely to trigger retaliation from Beijing and perhaps start a global trade war.
The price tag on the China tariffs is around $50 billion with products along with restrictions on Chinese investment in the U.S. It is also designed to mirror limits faced by Americans investing in China.
Would the tariff’s on China along with last week’s measures on steel and aluminum hurt Florida? While it too early to tell exactly how bad the state would be hurt, there is no question that tariffs would have an economic impact.
According to the United States – China Business Council as of 2017 Florida’s exports to China supported over 36,000 jobs in the Sunshine State.
In statistics provided by Enterprise Florida, The Sunshine State is home to nearly 60,000 exporters, the second highest number in the United States. In 2016, Florida companies exported more than $52 billion worth of goods to more than 200 countries, worldwide including China. That made Florida the seventh-largest exporting state in the country. Another $38.5 billion worth of services were exported to overseas clients as well.
Florida: Top Services Export Markets, 2016
- The United Kingdom $3.6 billion
- Canada $3.4 billion
- China $3.1 biillion
- Japan $3.0 billion
- Mexico $2.4 billion
Florida’s Top Goods Exported to China, 2016
- Scrap Products $293 million
- Aerospace Products & Parts $161 million
- Pulp & Paperboard Mill Products $71 million
- Navigational & Meas. Instruments $65 million
- Misc. Manufactured Commodities $59 million
Florida’s Top Services Exported to China, 2016
- Travel $1.6 billion
- Education $424 million
- Passenger Fares $243 million
- Ocean Freight & Port Services $212 million
- Air Freight & Port Services $109 million
*Source is the United States – China Business Council