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The Journal.

One Person's 20-Year Trade Battle With China

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.25.3K Ratings

🗓️ 26 September 2024

⏱️ 19 minutes

🧾️ Download transcript

Summary

Milton Magnus, an Alabama businessman who runs one of the last makers of wire hangers in the U.S., has waged a decades-long tariff battle against Chinese manufacturers to try to stay afloat. We hear from Magnus and we talk to Chao Deng about th e effectiveness of tariffs as the trade tool becomes more popular with politicians.  Further Listening: -Why China Is Risking a Trade War  -The Fight Over U.S. Steel and the Community Caught in the Middle  Further Reading: -The Family Business in Alabama That Fights China for Survival  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Milton Magnus the third is the CEO of his family business. It was handed down to

0:10.9

him by his father and before that his grandfather.

0:14.8

How long did it take you to get the hang of your industry?

0:18.6

Well it's taken me 50 years to get the hang of my industry, but it's a good good industry.

0:25.2

Milton's business is making wire hangars. It's called M&B hangers.

0:31.6

And when you're not working, where do you hang out?

0:35.0

I hang out in Birmingham, Alabama at the lake.

0:40.0

And are there times when you feel like it's better to just hang back?

0:45.0

I've had those times for sure, I'm sure.

0:50.0

Do you have a favorite hanger joke?

0:53.0

As people actually how I'm doing, I tell them I'm hanging in there, so that's about it.

1:00.0

That's it, okay.

1:01.0

As you can tell, Milton is mostly humoring me because he takes wire

1:09.6

hangers pretty seriously. So seriously he's waged a more than 20 year trade war to

1:17.3

protect his American-made hangars from less expensive Chinese imports.

1:23.0

It just kind of made me sad to think that we were going to push all that to China

1:30.0

and do away with what my family has grown.

1:33.6

Is that what motivated you to start fighting?

1:37.4

It did.

1:38.4

And I felt honored that my father let me come into business with him,

1:41.5

and I was honored that my grandfather

1:43.0

stored the business and I wasn't going to let my business die on my watch.

...

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