(July 11, 2018, ANNAPOLIS, Md.) With the talk of trade wars and retaliation tariffs making headlines daily, the concern for local businesses looms. Tariffs equate to a tax increase for both Maryland businesses and consumers. In-kind retaliatory tariffs will result in American-made goods becoming more costly—which means lost sales and jobs.
Based on a report by the U.S. Chamber of Commerce, over 812,700 Maryland jobs are supported by global trade and a total state export of nearly $156 million is at risk of being threatened by new tariffs.
See the full break down from the U.S. Chamber here:
The U.S. imposed new tariffs on steel and aluminum imports, so Canada retaliated with $12.6 billion in tariffs against American-made products.
812,700 Maryland jobs are supported by global trade.
Take a deep dive into how U.S. tariffs will affect Maryland business, attend our Business Policy Conference where the U.S. Chamber will go in-depth on how they impact the state.