Union Pacific CEO Signals Caution on Trump’s China Tariff Threat
CEO Lance Fritz says another round of tariffs could badly hurt his railroad and U.S. economy
Union Pacific Corp’s chief executive said another round of tariffs on Chinese goods could badly hurt his railroad and the U.S. economy, but he feels U.S. President Donald Trump is listening to his concerns.
Reuters reports that CEO Lance Fritz listed trade as one of the reasons the company has taken a more negative tone in its growth outlook.
The trade wars, along with slowing industrials and devastating floods in the U.S. Midwest, have weighed on the railroad’s prospects in recent months.
He said there is no doubt the threat of 25% tariffs on an additional $300 billion in Chinese imports caused him significant concern. He met with Trump last Friday.