Attention Investors:

Updates on Tariffs

U.S. allies have announced retaliatory tariffs as the Trump administration implements 25% global tariffs on aluminum and steel. The European Union (EU) and Canada announced retaliatory tariffs on U.S. goods totaling over $40 billion.  

The EU’s tariffs will apply to bourbon and agricultural products totaling nearly $28 billion dollars in economic impact. Similarly, Canada has imposed tariffs on tools and computers in addition to steel and aluminum imports also totaling over $20 billion dollars.    These announcements come a week after the Trump administration allowed tariffs to go into effect against Canada and Mexico for less than 48 hours before suspending most of them through April.  

This is the second time the EU has placed tariffs on American goods in recent years, the first round being in President Trump’s first term. This resulted in a direct hit on Kentucky’s bourbon industry and will also likely impact auto manufacturers. The EU is considering other products to place tariffs on in the coming weeks depending on what next steps the Trump administration takes. The EU has also expressed interest in negotiating to avoid economic turmoil for the U.S. or their members. 

This latest round of tariffs will have a direct impact on the price of goods for consumers and the cost of doing business across the country. GLI opposes policies that will negatively impact businesses across the Louisville region. We continue to monitor this and other executive actions as they relate to the Louisville business community.

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