Tariffs strain key industries, raise prices for consumers, and threaten jobs and supply chains.
| FOR IMMEDIATE RELEASE March 4, 2025 Contact: [email protected] |
WASHINGTON – As President Trump’s latest tariffs on Canadian and Mexican imports take effect on March 4th, Maine businesses and consumers are confronting its immediate effects. The state’s economy, deeply intertwined with Canadian trade, faces significant challenges across various sectors, including energy, seafood, and manufacturing.Tariffs will also impact companies ability to invest and grow in Maine.
Tariff Impact on Maine: By the Numbers
According to the Maine International Trade Center, Canada is Maine’s largest foreign trading partner, with annual two-way trade exceeding $7.5 billion. The 25% tariff on Canadian and Mexican imports, along with levies on Chinese and European Union goods, is expected to have widespread economic consequences.
- Energy Sector: The tariffs are expected to increase household energy bills, with projections of a 10 to 15% rise in costs.
- Seafood Industry: The state’s lobster industry, valued at over $1 billion annually, faces market instability due to the tariffs. Previous trade tensions already led to a 64% decline in lobster exports to China, and new tariffs may exacerbate these challenges.
- Manufacturing: The 25% tariff on imports from Canada and Mexico, along with a 10% levy on goods from China, will increase production costs for Maine manufacturers reliant on imported materials. For example, paper mills will face higher pulp prices, lumber and packaging companies risk supply chain disruptions, and auto part costs could add $3,000 per vehicle. Electronics manufacturers will also see higher prices for circuit boards and screens.
Housing: By adding tariffs to building materials like lumber and steel, Trump’s tariffs would add an estimated 5 to 10% to the price of housing in Maine, making an already expensive housing market even tougher.
What Local News is Saying
Recent headlines across Maine highlight growing concerns over the new tariffs:
- “Trump tariffs may roil Maine energy prices and lobster, lumber markets” Portland Press Herald “Tariffs that are central to President Donald Trump’s economic policies could destabilize markets for many Maine products from lumber to lobsters to electricity.”
- “Some fishermen see Trump as a friend, but tariffs could make for pricier fish” Portland Press Herald “The seafood industry isn’t hungry for another tariff war, which hurt fishermen during Trump’s first term.”
- “Local experts say tariffs will hurt Maine families, businesses” WGME “These tariffs will drive up energy prices, increase the costs of everyday goods that Maine people rely on, roil markets, and destabilize our economy.”
“Maine’s housing market already tough for buyers as tariff talks continue to loom” News Center Maine “Trump’s tariffs would add an estimated 5 to 10 percent to the price of housing in Maine. If this tariff takes effect, it’s going to make an already expensive housing market even tougher.”
What Elected Officials are Saying
- Governor Janet Mills stated: “I am deeply concerned that President Trump’s tariffs—especially those on Canada—will increase prices for Maine people at a time when they can least afford it. These tariffs will drive up energy prices, increase the costs of everyday goods that Maine people rely on, roil markets, and destabilize our economy.”
- Representative Chellie Pingree (ME-01) commented:
“President Trump’s tariffs will have devastating consequences for Mainers and our economy, driving up costs for working families and destabilizing key industries that our state relies on.”
Senator Susan Collins said:”The Maine economy is integrated with Canada, our most important trading partner. Certain tariffs will impose a significant burden on many families, manufacturers, the forest products industry, small businesses, lobstermen, and agricultural producers.”
Looking Ahead
As Maine industries brace for the effects of these new tariffs, business leaders and policymakers are calling for immediate solutions to mitigate economic harm. Given the state’s deep trade ties with Canada and reliance on imported materials, growing pressure is mounting to cancel the new tariffs in order to protect Maine’s economy.
###
Tariffs Cost US is a new campaign of Trade Connects Us, a 501(c)(4) social welfare organization dedicated to providing the public with reliable, comprehensive information about global trade and tariffs, and their impact on both businesses and consumers.
