Affects the possible tariffs they may have in businesses

Business I’m Fred Kocher. Higher tariffs and now the reciprocal tariff between US, Canada, Mexico and China may have some impacts on New Hampshire if they are not canceled. We will show you some of the main New Hampshire products that are exported and where they go. But first, here are some facts. US gathered 77,000,000,000 in 2024. This is 1.6% of federal income. The average rate of tariffs to bring goods to the US is, or was 3.4%. 30% of the US from 7.6 billion New Hampshire exports go to countries that promise to retaliate against new US tariffs. With me, to give us an idea of ​​the potential impact of tariffs on New Hampshire businesses, products and consumers is economist Brian Gottlieb, Director of Polcon Research and Director of the New Hampshire Information and Work Bureau. Welcome. Nice to have you. Excellent to be here, Fred. Is it an accurate statement to say that we all pay fees, nations pay because they are imposed? Businesses pay because they absorb, and we consumers pay because we pay. It is definitely sure that customers will pay higher prices for products that include imported products, subject to tariffs. Let’s go to this first graph you brought with you. Over 30% of the 7.6 billion New Hampshire exports go to countries that have promised to retaliate with tariffs. And you have surrounded three places with the most concerns for New Hampshire, including our neighbor, Canada. Yes, Canada in particular. Often our number one trade partner. This special year was our second main trading partner. Canadian economy is relatively weak now. They are a good partner. We do not want to impose tariffs that can reduce their production and throw them into recession. You have some real negative impacts on New Hampshire. Yes and this graph is interesting. This over 70% of the 7.6 billion New Hampshire exports come from ten products in our industries. Look at those products and industries as you go to the list. It can surprise most of the products and parts of the airspace. New Hampshire’s biggest export, but can almost worry that pharmaceuticals and medicines are also on the list. Yes, some of the main main industries in New Hampshire, we know that the airspace industry, we have some really prominent airspace manufacturers, general electric motors and Jeta, one of them, but also the pharmaceutical industry. Life sciences are a really growing industry in New Hampshire. We also have a number of really high value added products that go to sophisticated electronics, including aircraft, automobiles, navigation equipment, and they are our main manufacturing industries. And everything that damages them will ultimately have some fabricated metal products, too. Yes, fabricated metal products. We do not produce primary metals. We import them from countries mainly like Canada. Canada is responsible for 25% of steel imports. We think of the imports of steel from Asia as the problem. 25% comes from Canada. 50% of aluminum imports in this country come from Canada. Yes, yes. So we will feel it. Whatever a type of metal or steel business. Even craft beer here in New Hampshire using aluminum cans, aluminum cans. There are now Coca-Cola companies are watching using more plastic to avoid potential aluminum tariff impacts. Here is another graph and let’s take a look at this and look at those blue lines and those they represent. Nine goods and products make up 80% of Canadian exports to New Hampshire in 2023. Petroleum products are number one. As you can see, from to New Hampshire, from Canada. For most of us, this is gasoline in pump and heat in our homes and buildings. Brian. Yes and this is one of the issues the President has addressed. You are looking to avoid fees for energy products because energy is an important issue and it strikes many families. It is a lot of businesses. So those fees can be facilitated. But the fact that in our airspace industry we greatly give and receive supply chains between the airspace industry and Canada and New Hampshire, both prominent airspace manufacturers can be problematic. You are an economist. You have looked at the New Hampshire economy for decades and decades. What is your main concern about this tariff situation? Well, of course, the impact on prices. You know, the federal reserve is now struggling to keep inflation where it would like. We received reports yesterday at the Consumer Price Index. It was a little higher than we had hoped for today. The personal consumption cost index was also slightly higher than we expected. This makes the interest rates possible to stay higher for longer. This slows economic activity. Brian Gottlob, economist and from Polcon Research and also the director of the Bureau of Work and Economy Bureau for the New Hampshire state. Thank you, Fred. Nice to have you in. If you have lost part of this Conference on Tariffs in New Hampshir