The Trump administration’s tariffs are expected to cost Vermont households approximately $1 billion annually, according to the Vermont Treasurer’s office. Economists have expressed concerns that these tariffs, which amount to taxes on foreign imports, will negatively impact the economy. Local businesses in Bennington County, many of which rely on international supply chains, are already feeling the pinch. State Treasurer Mike Pieciak warns that these tariffs will raise costs for families and local businesses and ultimately hurt the economy.
The Yale Budget Lab estimates that these tariffs will cost the average U.S. household an additional $3,800 per year, amounting to over $1 billion in additional costs statewide for Vermont. The Trump administration argues that these tariffs will incentivize domestic production, but critics, including small business owners and economists, worry about the negative impact on businesses and consumers. Restaurateurs, retailers, and manufacturers are already feeling the effects of increased costs, decreasing demand, and potential job losses.
Some businesses, like Arlington’s Mack Molding Company, are adapting to the changing landscape by focusing on domestic sources for raw materials. Others are less optimistic, predicting that the tariffs will lead to a recession or even a depression due to the already fragile state of the economy. While some support addressing trade imbalances, they argue for a more targeted and thoughtful approach to avoid devastating consequences for businesses and consumers alike.
Overall, the mood among local businesses is mixed, with some preparing for potential growth while others fear the worst. The impact of these tariffs on Vermont’s economy remains uncertain, but one thing is clear: consumers are likely to bear the brunt of the cost increase if the trade war continues.
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