Trump's tariffs add to pandemic-induced turmoil of U.S. manufacturers [Reuters]
CNH Industrial N.V. Common Shares (CNHI)
Last cnh industrial n.v. common shares earnings: 2/7 08:00 am
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Source: Reuters
Trump's tariffs add to pandemic-induced turmoil of U.S. manufacturers CHICAGO (Reuters) - Dan Digre, head of MISCO Speakers, was on edge before the coronavirus outbreak hit the global economy. Payment of hundreds of thousands of dollars in Chinese tariffs had wiped out the profit and dwindled the cash balance of the Minnesota-based loudspeaker maker. Now Digre is grappling with dropping sales and payment delays. With cash ever harder to come by, he must cough up the money for President Donald Trump’s 25% tariffs on parts that Digre imports from China for speakers used in everything from mass transit systems and gaming devices to essential ventilators and military equipment. He is not alone. As a deepening economic recession dries up their revenue streams, hundreds of import-dependent large and small businesses are finding it tougher to survive the pandemic due to tariff costs. “You are caught in a double bind,” Digre said. “You need cash to operate your business. At the same time, you
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