Tariffs hit Michigan businesses hard
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Michigan is third among states hit hardest by President Trump's tariffs, behind only California and Texas, new research shows.
The big picture: The tariffs have generated tens of billions of dollars in revenue for the government. But the burden falls far from equally on different states.
Context: Who pays for tariffs is a long-settled issue — American businesses do, to the tune of billions of dollars.
Driving the news: Economic research firm Trade Partnership Worldwide shared a new analysis with Axios showing the state-by-state cost of tariffs imposed by Trump from January through May.
By the numbers: From January 1 to May 31 of this year, Michigan businesses faced a tariff impact of $3.3 billion.
- California's cost was $11.3 billion and Texas's was $6 billion.
- In total, in 17 states companies faced a total impact of at least $1 billion over the first five months of the year.