Union Pacific CEO: The tariffs on Chinese imports have impacted our business

Channel: Fox Business
Published: 05/08/2019

Description
Union Pacific CEO Lance Fritz on the impact of tariffs on the company's business. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the wo...



Transcript
Let'S go back to jeff locke he's on the rails as we look back 150 years since the transcontinental railroad. I remember quite well jeff. I i covered that. I'M sure you said something intelligent there neil, but perhaps you can tell it's pretty loud in the cab on the world's largest steam locomotive. Dickens is pulling the chain on that right now and he's the guy that led the team then actually tur ...
this thing back to its warrior right. Oh absolutely! What do you think of this out of that whistle? That'S pretty amazing and look all the people that come out. It'S just it's just crazy. Neil. I got to tell you. You know the focus rightnow on china, trade and union pacific operates. If this is the 401 4, by the way, they call it the big boy, the biggest steam engine in the world, the only one of its kind that's actually running, although there are a few others that are in drydock, this dates back to the forties and what I wanted to say is now focus on china, trade. We talk to lance fritz, who is the ceo of union pacific they've already had taken a hit because they transport a lot of cultural, trait tariffs that have been put on our chinese imports have impacted our business.

The chinese historically have been in the market heavily for us, soybeans and overthe course of the last six to nine months. That'S virtually dried up, so that means soybeans aren't moving off the west coast to china and if they're moving for export they're going to very different markets, we've seen a direct impact on our trade flow with that and so they're hopeful. He says, he's hopeful. You know he says he understands the president's position trying to be tough, but then i can hear you now, i'm a little more coherent. Now i got my head out the look at that. Can you see that train? Look at that train in that pretty cool the smoke billowing across and - and you know america just look at the mountains out therecan. You see that kyle rivers and mountains, boy i'll tell you. This has just been an incredible ride. Right to the very point. Promontory point: you are probably there when they drove that golden spike, [ music ], you are having fun jump in. I know it's hard to hear me, but richly deserve this moment under 50 years.



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