Study: $29.2 million in New Hampshire exports threatened by tariffs
BIA cites U.S. Chamber analysis in opposing sanctions
The Business and Industry Association of New Hampshire is continuing its attacks on the tariffs imposed by President Trump’s, this time by citing a study that says $29.2 million in total New Hampshire exports are threatened by the sanctions as they currently stand.
The study was conducted by the U.S. Chamber of Commerce, of which the BIA is a member, and which earlier this week launched an all-out effort to fight the tariffs. The chamber says the president is risking a global trade war that will wind up hurting U.S. consumers and businesses.
In its statement, the BIA echoes that sentiment, by saying that retaliatory measures by U.S. trading partners will result in increased prices, lost sales and jobs here at home.
“If our trading partners respond in kind with a full set of tariffs of their own, New Hampshire’s manufacturing, technology, and construction sectors will incur significant harm. There are 184,000 workers in the Granite State whose jobs are supported by exports,” said BIA President Jim Roche. “Slapping on tariffs is simply the wrong approach for the U.S.”
Of the nearly $30 million in exports from New Hampshire, Canada, Mexico, China, and the European Union are the largest destinations. Products most in demand include building material (aluminum, iron, or steel), industrial adhesives, clothing; fans, lamps, chocolate and confections and seafood, according to the analysis.
On July 1, Canada did impose sanctions on a wide range of U.S. goods in retaliation against U.S. tariffs of 25 percent on Canadian steel and 10 percent on Canadian aluminum.
Canada has imposed a 25 per cent tariff on more than 100 U.S. steel and aluminum products and a 10 per cent tariff on more than 70 other goods. According to the chamber, those tariffs alone will affect $11 million in New Hampshire exports.
Last week, the BIA joined over 245 national, state, and local business organizations in signing a letter in support of a measure sponsored by a bipartisan group of U.S. senators, led by Bob Corker, R-Tennessee, and including New Hampshire Democrats Jeanne Shaheen and Maggie Hassan. The proposal would require congressional approval before tariffs under the so-called Section 232 authority could be imposed by the president.
One New Hampshire manufacturer who voiced support of the letter and the BIA’s actions was Val Zanchuk president of Graphicast in Jaffrey and a former BIA board chair.
“A trade war is a 19th century weapon totally destructive and ineffective in the 21st century,” said Zanchuk.