Implications & Effects of Recent Tariff and Trade Issues
The recent announcement by the Trump administration about the imposition of tariffs on steel and aluminum from Canada, Mexico, and the European Union has caused some wide-reaching effects. The Mexican government has already published a detailed list of U.S. goods that will face import tariffs. Included in that list are tariffs of 25% on steel products, 20% on pork products, 25% on cheese products, 25% on bourbon whiskey, 20% on cranberries, potatoes, and apples, among others. Canada, in turn, has announced that it will strike back with taxes and countermeasures worth of $12.8 Billion USD. The list of specific items to be impacted is in the works (https://www.fin.gc.ca/activty/consult/cacsap-cmpcaa-eng.asp).
Specifically, for Idaho, $2 million of Idaho’s exports to Canada are subject to a 25% tariff and $105 million worth of goods are subject to 10%. Products such as fungicides, salad dressings, plywood, etc. are on the target list. The European Union has filed a case against the US with the World Trade Organization and is working on a list of US goods to be subject to special retaliatory tariffs. Among the products already identified by the EU are Levi’s Jeans, cranberries, peanut butter, and Harley Davidson motorcycles, among others.
What can you do?
- Be aware of your business exposure to trade effects and define a plan B to address challenges and opportunities derived from market disruptions. The Idaho District Export Council can be here to assist you.
- Contact your representatives and provide feedback on how the tariffs have impacted your bottom line. Please click the links below to identify your Senators and Representatives and find their contact information:
Be aware of your business exposure to trade effects and define a plan B to address challenges and opportunities derived from market disruptions. The Idaho District Export Council can be here to assist you. Submit your feedback and questions here.