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USA: Winners and Losers in Trump's Trade War with China

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President Trump's trade war with China has sparked global retaliation, and the rise in protectionism that has followed has had a significant impact on all American companies.

USA: Winners and Losers in Trump's Trade War with China

American companies in all industries, from computer chips to tractors, say President Donald Trump's trade wars, including disputes with Beijing and global steel tariffs, have impacted them.

Even for some of the expected winners, such as steel companies, the benefits of the presidential tariff are not entirely clear.

On Sunday, Trump said he would again raise import tariffs on Chinese goods by $ 200 billion from 10 percent to 25 percent, increasing pressure on Beijing to win concessions in trade negotiations. China threatened to withdraw from such negotiations altogether.



Apple Inc

Apple Inc cut its first-quarter sales forecast, blaming the slowdown in iPhone sales in China, where uncertainty over US-China trade relations has hurt the economy.

Sales surged late last month after Apple cut prices, and Apple cited an improved tone of the trade war to improve its outlook.

Intel Corp

The chipmaker cut its 2019 revenue forecast last month, citing lower demand from China.



Fiat Chrysler Automobiles NV predicts higher raw material costs driven by tariffs to cost 750 million euros per year.

This year, General Motors Co has forecast $ 1 billion in additional spending on tariffs and raw materials. Steel and aluminum prices declined, but prices for other commodities such as palladium rose.


Ford Motor Co Ford said it faced an estimated $ 750 million in "headwind" in 2018 as a result of tariffs. The declining sales and higher product prices, including the impact of tariffs, added $ 500 million to spending in the first quarter over the prior year.


The motorcycle maker said tariff-related costs for the European Union and China were $ 23.7 million in 2018, and are expected to be between $ 100 million and $ 120 million in 2019.


Caterpillar Inc

Caterpillar has said tariffs will cost the company $ 250-350 million in 2019 if there is no relief.

Deere & Co

The manufacturer said in February that it expects US tariffs on Chinese imports to cost $ 100 million in 2019.


Archer Daniels Midland Co.

Commodity trader's adjusted operating profit fell 30 percent in the fourth quarter to $ 183 million as China's trade war hit sorghum and soybeans.

Bunge Ltd

In August, the company reported a loss of the $ 125 million mark in the market due to a position in soybeans that is betting that a Chinese trade war will be averted.

Bunge's fourth-quarter earnings then fell as a temporary ceasefire with China drove soy prices down and cut the value of its Brazilian soybean stocks by $ 125 million.

Cargill Inc

Commodity trader Cargill said in March that US-China trade tensions and other supply chain disruptions continued to pull on revenues from manufacturing and processing, the company's main grain trading arm.



Nucor Corp

# 1 US steelmaker Nucor Corp posted record profits and shipped record amounts of steel in 2018 using tariffs.

But the company last month forecast first-quarter earnings below Wall Street estimates, citing lower average steel sheet sales prices and delays in deliveries to customers in the construction sector.

Tariffs imposed by the Trump administration on steel imports, mainly from China, have boosted domestic production, leading to another drop in steel prices.



Brazilian JBS, the world's largest meat packer, has been able to boost its meat exports to China as tensions between Washington and Beijing escalate. The company's share of exports to China grew by more than 24 percent last year against 21 percent in 2016 and 2017.

Louis Dreyfus Company

A global agricultural trader said that trade opportunities created by the U.S.-China trade dispute boosted its soy business last year.

The company reported record volumes of soybean exports from Brazil, increasing profits by 12 percent over the previous year.

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