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And the Illinois Basin, where Hallador mines its coal, “is probably at the moment the hardest-hit basin” in the country, according to Chiza Vitta, an analyst with S&P Global Ratings.

Like many nations, China purchases a “notable amount” of met coal from U.S. firms such as coal giant Peabody, according to Chiza Vitta, a coal analyst at Standard & Poor's.

“Assuming that those assets in Australia are not subject to the tariff,” Vitta said, “we do not expect this to have a significant direct impact.”

“A few years ago when a lot of these major banks came out and said that they would no longer be supporting the sector, I think, a lot of people generalized in a major way,” said Chiza Vitta, an analyst at Standard & Poor’s.

“A lot of people conflate two primary things: the coal industry and coal jobs,” said Chiza B. Vitta, a coal analyst at Standard & Poor’s.