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ST. ALBANS, Vt. (WCAX) – Vermont businesses are sounding the alarm over anticipated tariffs from the Trump administration.
From manufacturing to solving Vermont’s housing crisis to what folks pay on their electric bill, local business leaders say anticipated fees on the import of Canadian goods will ultimately fall on the backs of consumers and stifle economic growth.
“It’s going to cost our Canadian customers $15 billion a year or $65 million a day,” said Jake Holzscheiter with A.N. Deringer, A St. Albans-based customs broker.
Vermont Senator Peter Welch hosted a roundtable Monday of businesses and trade groups to explore the impact of potential tariffs that the Trump administration has said are aimed at bringing jobs back to the U.S. The tariffs are a contrast to the Biden administration’s approach, which offered billions in financial incentives to grow jobs.
There is still a lot we don’t know about the new administration’s plans, including how high the tariffs could be or which sectors of the economy could be targeted, but experts say Vermont is heavily dependent on Canadian products.
“We haven’t got the margins to offset that, the sellers don’t have the margins to offset that. Essentially, the farms and users of our grain and feed products are going to pay more,” said Mike Tetreault with Poulin Grain, a Newport-based company.
Vermont could also see an impact on its power grid. Green Mountain Power sources 20 percent of its power supply from Canadian hydroelectric, and some smaller utilities source up to half. “If that was hypothetically applied to just GMP’s 20 percent portfolio, it would be up to $16 million a year,” said GMP CEO Mari McClure.
And just as Vermont and the region are trying to give a boost to new home construction, officials say tariffs on Canadian lumber would have a profound impact on the construction industry, which is already running thin profit margins.
Welch acknowledges the president may not listen to Democrats or Republicans on the issue. “If he had several people with real companies and they’re saying this will hurt our company, our jobs, and our people, I think the president and the administration will listen to everyday people,” he said.
Welch says he’ll use his new position on the Senate Finance Committee to explore the issue further.
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Vermont Braces for New Tariffs Against Trade Partners
As the trade war between the United States and various countries continues to escalate, Vermont is preparing for the impact of new tariffs that could hit its trade partners. With the Trump administration imposing tariffs on goods from China, the European Union, Canada, and Mexico, Vermont’s economy could be significantly affected.
The state’s agriculture industry, which relies heavily on exports, is particularly vulnerable to the tariffs. Vermont is known for its dairy products, maple syrup, and other agricultural goods that are exported to countries around the world. With new tariffs in place, these products could become more expensive for foreign buyers, leading to a decrease in demand and lower profits for Vermont farmers.
In addition, Vermont’s manufacturing sector could also feel the effects of the tariffs. The state is home to various manufacturing companies that rely on imported materials and components to produce their goods. With tariffs driving up the cost of imports, these companies may be forced to raise prices or cut back on production, potentially leading to job losses and economic uncertainty.
As Vermont braces for the impact of new tariffs, state officials are working to assess the potential consequences and develop strategies to mitigate the effects. Whether through increased support for affected industries or efforts to diversify trade partners, Vermont is determined to weather the storm of trade tensions and protect its economy.
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Vermont tariffs, trade partners, Vermont economy, Vermont trade, trade tariffs, Vermont business, Vermont news, trade regulations, Vermont exports, Vermont imports, trade agreements
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