President Donald Trump’s trade wars are not only affecting companies that produce America’s exports, but are also cutting into the profits of the utilities that power them.
Earnings at American Electric Power Co., which provides electricity in 11 states, slumped 13% in the second quarter. Chief Executive Officer Nick Akins said the “biggest economic headwind” was the Trump administration’s trade policies.
The trade disputes have “impacted export manufacturers in our service territory,” Akins said on a conference call Thursday.
His comments come as U.S. exports are down the most in three years, thanks to a broad decline in international demand...