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Some local businesses are concerned about the impact of recent tariff announcements

Local businesses are concerned about the impact of recent tariff announcements // WSBT 22

China is striking back against the U.S. with plans for its own tariffs.

This comes after the Trump administration slapped $50 billion in tariffs on Chinese goods.

Companies are concerned about the impact this could have locally.

China hit back with tariffs on $50 billion worth of American products.

Some in the steel and agriculture industries in our area say this escalating trade war is a lose-lose situation.

Industrial Metal Fab has been making custom metal parts in South Bend for more than 50 years.

President and co-owner Mark Beaudway says these tariff announcements have been hard to ignore, because he's already seen the price of steel skyrocket.

"It is extremely troubling for us. We many times quote a part based on the price of steel at that time and as fast as the increases are coming, six weeks later that quote is absolute," said Beaudway.

Among products being targeted by China are tariffs on American soybeans, beef and pork.

China is the largest consumer of U.S. soybeans, buying about one-third of all U.S. soybean production annually.

Elkhart County Commissioner Mike Yoder says from an agricultural standpoint, these tariffs are going to have a negative impact.

"Almost half of what we grow in America is exported and so anything that impedes trade actually makes it more difficult to sell our products and that depresses prices even further,” said Yoder (R).

Yoder says historically everybody loses during a trade war.

Beaudway says while he embraces what the president is trying to do in spirit, protecting U.S. products, but fears tariffs are the wrong way to do it.

"There is a trade war brewing. Let's not deny that and China carries a large stick and they can take a couple of swings and change the entire world's economy,” said Beaudway.

He says no one has more to gain from steel tariffs then the state of Indiana. At the same time no one has more to lose.

"We are the most manufacturing intensive state in the union and what these tariffs have done to this point is they have been aimed and protected and help a very narrow segment of our industry, while harming the rest of us,” said Beaudway.

Beaudway says he hopes calmer minds prevail in the long run and hopes this is simply just more posturing from our current administration.

In the end he hopes both sides, give a little so the impact is minimized.

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