MARYLAND CHAMBER OF COMMERCE: Maryland Chamber Talks Tariffs
Maryland Chamber of Commerce issued the following announcement on Dec. 14.
The Maryland Chamber surveyed member businesses to find the affect of ongoing tariff actions. Our preliminary findings highlight the negative impacts that have come as a result.
From 13 responses to the Maryland Chamber’s business survey:
46 percent reported that current actions on trade are negatively affecting their businesses
these same businesses identified China as the source of the issue
in each instance, the higher price of various Chinese imports hurt bottom-lines across the state
one manufacturer shared that its products are experiencing a 170 percent increase in price, losing it business to competitors who do not source from China
food and hygiene products, glass, promo/marketing materials, and machinery parts were among the specific commodities mentioned
there is a negative impact upon a diverse array of sectors, including the service, manufacturing, waste management, and hospitality industries
In concert with the survey, additional Maryland Chamber outreach found that steel imports to Maryland have dropped 22 percent and aluminum imports have dropped 11 percent over the previous year, likely attributable to March’s tariffs. The additional tariffs between China and the U.S. enacted over the summer have the potential to impact economic activity around Maryland’s ports. An average of 89,600 tons, or 7,900 cargo containers, worth of commodities on the tariff lists go through Maryland ports of entry. This equates to a not-so-insignificant three percent of total tonnage moved through the Port of Baltimore in last year’s record year. That said, the data is not yet available to assess the final impact in 2018.
We are continuing to explore the impacts these tariffs are having on our membership, and will keep you apprised as additional information is gathered.
Original source can be found here.
Source: Maryland Chamber of Commerce