FILE PHOTO: Gov. Ned Lamont addresses the Connecticut Business and Industry Association’s (CBIA) 2024 Economic Summit and Outlook on Jan. 18, 2024. Credit: Hugh McQuaid / CTNewsJunkie
HARTFORD, CT – President Donald Trump’s newly implemented tariffs on Canadian goods and the retaliatory tariffs being imposed on U.S. products by Canada will likely lead to price increases on a wide variety of products, officials warned Monday.
Gov. Ned Lamont, elected state leaders, and the Connecticut Business and Industry Association (CBIA) are warning consumers and small businesses of the upcoming changes.
Canada is Connecticut’s largest foreign market, accounting for 12% of the state’s merchandise exports, Lamont said in a news release. Approximately 70% of the goods affected by retaliatory tariffs imposed by Canada are core industrial products from Connecticut businesses.
“Let’s be clear—tariffs are a tax implemented by the federal government that cause the price of products to go up and are paid for by hardworking Americans,” Lamont said in the news release. “At a time when we should be laser focused on reducing the cost of goods, the Trump administration and Republicans in Washington are doing the exact opposite and are raising costs for American consumers and businesses.”
Dustin Nord, director of the CBIA Foundation for Economic Growth and Opportunity—the research arm of CBIA—said the foundation’s recent annual survey of Connecticut businesses showed more than half expect tariffs to negatively impact operations over the next 12 months.
“Volatile trade policy creates uncertainty, making it difficult for businesses to make long-term investments in facilities and equipment,” Nord said. “Small businesses are particularly vulnerable, increasingly endangered by higher costs and interrupted supply chains that will cause long-term harm.”
Trump last week implemented a new 50% tariff on a variety of Canadian goods, including furniture, milk, cheese, cameras, wine, beer, whiskey, honey, and agricultural seed. This is in addition to the 50% tariff on aluminum imports from Canada that took effect in April.
Additionally, President Trump announced plans to implement a 50% tariff on automobiles, trucks, automotive parts, and steel that will take effect on Jan. 1, 2027.
In retaliation, Prime Minister Mark Carney has pledged “dollar-for-dollar” retaliatory tariffs on U.S. products starting Sept. 8. These retaliatory tariffs are expected to impact roughly $170 million of Connecticut exports to Canada, many of which include core products made in Connecticut, such as wire, cables, and aluminum, the governor’s office said.
Canadian leaders are also threatening that if these tariffs from the U.S. continue, they could implement higher tariffs on energy exports. Approximately 25% of New England’s natural gas is imported from Canada. Additionally, New England imports roughly 11% of its electricity from Canada, with most of that from hydroelectric power, the governor’s office said.
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