It's no longer a probability, it's a reality: the escalating U.S.-Chin...
NEW YORK - It’s no longer a probability, it’s a reality: the escalating U.S.-China trade war and the strengthening dollar appear to be inflicting measurable damage on U.S. goods makers that rely on global markets.
“The exporters are at least a half a step or full step closer to the predicted recession,” said Robert Pavlik, chief investment strategist, senior portfolio manager at SlateStone Wealth LLC in New York. “Geopolitical tensions do two things,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. “They compel big companies to sit back and not spend as much as they would.”
The arrival of third-quarter earnings season next month will provide a clearer view of the damage the trade war and strong dollar have wrought on companies’ bottom lines. General Electric Co gets about 61.5% of its revenue from abroad. Analysts currently see the conglomerate’s third-quarter earnings coming in 44.6% below the level seen a year ago, and its fourth-quarter EPS estimates are now 43.5% lower.
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