Long Island and Connecticut will see a drop in gross domestic product thanks to President Trump’s trade war with China. That’s according to data analyzed by Moody’s Analytics.
Almost 7 percent of Suffolk County’s economy will be hurt by the tariffs, while 2.5 percent will be helped. Fairfield, New Haven and Litchfield Counties are all in a similar boat. In fact, the only county in the region with a net gain from the tariffs is Tolland County in northern Connecticut. Tolland has several large machine and plastic manufacturers.
Economists have largely criticized tariffs as an unnecessary tax on trade that benefits industries in the Midwest. Trump says they are necessary to combat unfair trade practices by China, even if it does cause pain to the U.S. economy.