NJBIA is collaborating with the National Association of Manufacturers (NAM) to survey New Jersey businesses on the impact of new tariffs. The focus is on goods imported from Canada and Mexico used in manufacturing operations.
President Donald Trump announced over the weekend that 25% tariffs would be imposed on imports from Canada and Mexico, along with an additional 10% tariff on goods from China. Originally scheduled for implementation on Tuesday, February 4, a 30-day reprieve was granted by late Monday for Canada and Mexico.
Michele Siekerka, NJBIA President and chair of the Conference of State Manufacturers Association (COSMA), is encouraging New Jersey businesses to participate in NAM's online survey. "Survey results will help us gain a better understanding of how tariffs will impact New Jersey businesses, particularly our manufacturing supply chain," she stated.
Tariffs are surcharges paid by importers and businesses to the federal government. These costs may be passed down to other businesses and consumers. The new tariffs could affect various imported products such as agricultural items, vehicles, lumber, electronics, toys, raw materials, and manufacturing equipment.
A NAM fact sheet notes that 56% of $3.1 billion worth of imported goods to the U.S. are "manufacturing inputs," which include fuel, raw materials, and industrial supplies essential for U.S. manufacturers. Based on data from the U.S. Census Bureau, NAM estimates that tariffs on imports from Mexico and Canada could add approximately $144 billion to U.S. manufacturing costs.
UPDATE: As of 4:50 p.m. Monday, there is confirmation of a 30-day reprieve for Canadian goods as well as those from Mexico.
