NJBIA President and CEO Michele Siekerka discussed the impact of President Donald Trump's new tariffs on New Jersey's economy during an interview on NJ101.5. Speaking with morning host Eric Scott, Siekerka expressed concern over the decline in the stock market and 401(k)s and urged state businesses and policymakers to take action.
Siekerka emphasized the importance of encouraging companies to reinvest in America with a strategic trade approach, proposing the extension of the federal Tax Cuts and Jobs Act from 2017. "When these tax reforms were signed in 2017, particularly for manufacturing, it was like rocket fuel,” Siekerka noted. She highlighted the positive effects of these reforms and called for further initiatives.
Additionally, Siekerka stressed the need for regulatory reform under the Trump administration to commence immediately. She argued that reform would help attract companies to invest in the U.S. and New Jersey. She stated, “With our own budget coming up in this cycle, we can help. We can send a signal. Come back here to New Jersey, and let’s help you to manufacture here and make a difference.”
Exploring avenues to navigate the tariffs, Siekerka mentioned that manufacturers investing and expanding in the U.S. could potentially seek waiver exemptions for tariffs. She commented, “Every challenge creates an opportunity. We need to go looking for the opportunity right now and not keep our head down just on the challenge.”
Siekerka encouraged looking for solutions to overcome the current economic challenges, saying, “If we just keep our head down, we’re not going to overcome this. So, let’s start looking at other things that we can do.”
For those interested, the complete interview with Michele Siekerka is available on NJ101.5, starting at the 1-hour, 45-minute mark.
