CHARLESTON, SC (WCBD) – As the Charleston shipping industry continues to set new records, some are expressing concerns about new tariffs from the White House.
Governor McMaster, Congressman Mark Sanford, and U.S. Commerce Secretary Wilbur Ross will be in the Lowcountry Tuesday for the 45th annual International Trade Conference.
South Carolina currently stands as the 5th most reliant economy on trade, so the Trump Administration’s new tariffs are expected to be a major talking point.
Local leaders believe the new tariffs could be dangerous to our economy. South Carolina is the number one state in the union, per capita, for direct foreign investment.
With a shipping industry supporting more than 187-thousand jobs across the state, and generating nearly $53-billion dollars each year, Congressman Sanford says he believes we’re playing with fire.
“You can already see skittishness on the stock market… again, I think we’re playing with dangerous, dangerous components given the importance of trade to our state, to our region – and frankly, to our country,” said Rep. Sanford Monday.
Last month, the White House imposed tariffs on $200-billion dollars worth of Chinese goods. Tariffs on another $257-billion dollars of Chinese imports could be coming.