Tariffs would have $5 billion impact on Pa.
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Pennsylvania businesses would feel the squeeze to the tune of nearly $5.3 billion if President Trump's tariffs are implemented, according to a new estimate shared with Axios.
Why it matters: Trump and others view tariffs as political cudgels for extracting concessions from targeted countries. But they're also likely to make stuff more expensive as companies pass higher costs along to consumers.
Catch up quick: Trump on Saturday imposed tariffs of 25% on Mexican and Canadian goods and 10% on Canadian energy imports, plus issued new 10% tariffs on Chinese imports.
- The U.S. struck deals with Canada and Mexico yesterday to delay tariffs for a month.
Driving the news: The tariffs as issued Saturday would have an estimated $232.7 billion national impact, per economic research firm Trade Partnership Worldwide and based on trade from January to November 2024.
- Pennsylvania's biggest trade partner is Canada, and tariffs between the two would have nearly a nearly $3 billion impact on the Keystone State.