“What we’re hearing now is the impact of the uncertainty, especially since things have been put in place and then paused.”
Vice President of Government Affairs for the Grand Rapids Chamber of Commerce Joshua Lunger is referring to the 30-day hold President Donald Trump put on import taxes, or tariffs, from Mexico and Canada Monday. Michigan imports nearly $51 billion in goods from Canada annually.
“There’s definitely a sense of what’s going to happen next and how will it impact various parts of our economy.”
While tariffs on Chinese products went into effect Tuesday, Lunger says the state’s automotive and furniture industries are especially at risk.
“When you think of some of these complex projects, or products, even if they’re assembled here in Michigan, how many of their parts are produced in Mexico or Canada.
The chamber is communicating with local business leaders analyzing which companies would be impacted most by the tariffs. It’s also working with the U.S. Chamber of Commerce on what additional steps might need to be taken.
Lunger says it’s important for businesses and consumers not to overreact, but to stay informed and have a plan if more tariffs are imposed.
“This will have an impact and we need to address it. Broad-based tariffs are a tax and, ultimately, that tax will be borne by the American consumers.”