JAY, Vt. (WCAX) – Vermont Sen. Peter Welch convened a roundtable Tuesday at Jay Peak, where a broad swath of Vermont industries said President Trump\u2019s tariffs on Canada are hurting their bottom line.<\/p>\n
At Jay Peak Tuesday, Vermont business leaders spanning from beer to cheese to manufacturing say the tariffs are eating into their bottom line and causing long-term damage to cross-border relationships.<\/p>\n
\u201cThis is an existential moment,\u201d said Sen. Peter Welch, D-Vt. \u201cI\u2019ve never seen anything that is such a blow to an economy.\u201d <\/p>\n
President Trump says his tariffs are intended to recalibrate a trade imbalance and reassure American manufacturing jobs. But Abby Long with the Northeast Kingdom Collaborative says new tariffs on hard and soft wood are already driving up costs for housing. \u201cAn increase like this can make an already marginal housing project financially unfeasible in a rural, low-income Northeast Kingdom economy,\u201d Long said.<\/p>\n
Jasper Hill Farm makes award-winning cheese in Greensboro and recently made a big investment to grow capacity and process milk. More than a million dollars of state-of-the-art cheese equipment is waiting on the other side of the border to avoid hundreds of thousands of dollars in tariffs. \u201cIt puts our capacity to grow and to continue making impact in our community at risk,\u201d said the company\u2019s Matteo Keeler.<\/p>\n
Data from the Vermont Agency of Commerce and Community Development shows Vermont imports nearly $387 million worth of products from Canada. The 50% tariff means Vermont businesses are paying an additional $193 million, which they say is also falling on consumers. <\/p>\n
But even more impactful is the impact on the U.S. and Canada\u2019s education, culture, and family relationships. \u201cIt\u2019s the rhetoric and the erosion of trust underneath that,\u201d said Jay Peak\u2019s Steve Wright. The resort is a key player in Vermont\u2019s $1.5 billion ski industry, and Canadians are a big part of the community. Wright says many are choosing to skip Jay and ski in Canada instead. \u201cThey are and will always be a part of this place, but a ski resort can\u2019t mend the relationship between two countries. All we can do is continue to roll out the welcome mat here.\u201d<\/p>\n