A United States Chamber of Commerce report indicates Delaware could lose $25 million from tariffs with China, Mexico Canada, and the European Union.
The report indicates that the state could lose out on exports of steel products and spices among other things.
The nations retaliated over tariffs imposed by the Trump administration, which cited national security concerns.
The losses are modest compared to figures for other states. For example, the Chamber reported that in Pennsylvaniaa total of $1.7 billion of state exports are threatened by retaliatory tariffs. Steel products, iron products, coffee, and pastries are all among Pennsylvania’s hardest-hit products.
Based on population, if Pennsylvania’s economic impact was comparable to that of Delaware, the impact on exports would be about $400 million.
In a related development, the World Trade Center of Delaware will hold a discussion on the impact of tariffs later this month. (See below).
Some observers have claimed the retaliatory tariffs are aimed at states that supported the president in the last election.
The analysis by the U.S. Chamber outlines the state-by-state impact of retaliatory tariffs. The analysis shows how much of each state’s exports are threatened by retaliatory tariffs, highlights each state’s hardest-hit products, and shows the total number of jobs supported by global trade in each state.
“Tariffs are beginning to take a toll on American businesses, workers, farmers, and consumers as overseas markets close to American-made products and prices increase here at home,”said U.S. Chamber President and CEO Thomas J. Donohue.“Tariffs are simply taxes that raise prices for everyone. Tariffs that beget tariffs that beget more tariffs only lead to a trade war that will cost American jobs and economic growth.”
As of this week, approximately $75 billion worth of U.S. exports will be subject to retaliatory tariffs.
The tit-for-tat trade actions promise to raise costs on American businesses and consumers, making it harder for families to afford everyday products like toilet paper, condiments, coffee, and ballpoint pens, which have been targeted for retaliation, the U.S. Chamber claimed.
Until now, the U.S. Chamber has largely been on board with Trump Administration business policies after being critical of many actions of the Obama Administration.