In a town hall event at the World Trade Center Denver, business owners and economists deliberated over President Trump’s tariffs on Canada, Mexico, and China, citing serious concerns about their negative impact on Colorado’s economy. While these tariffs aim to curb drug trafficking and bolster domestic manufacturing, local experts warn of immediate repercussions that could obliterate small businesses and inflate consumer prices.
According to recently released data by Trade Partnership Worldwide, the financial toll on Colorado could soar to around $1.4 billion. “Consumers in Colorado will face higher prices, and producers will see increased costs, leading to a decline in international trade,” stated Kulkarni Kishore, an economics professor at MSU Denver, indicating that the outcome could be even more severe than predicted.
Small business owners, like Jeremy Petersen of Identity Pet Nutrition, are preparing for dire consequences. “The worst situation is we’ll be out of business along with hundreds of other small businesses across the United States,” Petersen expressed, underscoring the fragile nature of small enterprises that lack substantial capital reserves to withstand financial hits.
Petersen also shared that 100% of his products rely on Canadian imports, making them especially vulnerable. “Our products are heavily affected by the Canadian tariffs,” he noted, pointing to the broader ramifications including damaged business relationships due to tensions surrounding the tariffs.
The panel highlighted a general sense of sluggishness as Canada, Mexico, and China represented nearly half of the state’s imports last year. Experts expressed reluctance to proceed hastily with incentives that seemed to jeopardise substantial industries in Colorado. The prevailing concern among the panel was that the long-term effects of the tariffs could lead to irrevocable damage, stating, “The damage has already been made. The question is just how much, and it could get worse if we continue with this,” Kishore warned.
Local economists and business owners gathered in Denver to address concerns over President Trump’s tariffs on Canada, China, and Mexico, predicting an impact of $1.4 billion on Colorado. Small businesses fear closure due to rising costs and lost clientele, while experts like Kulkarni Kishore stress potential irreversible damage to the state’s economy. The event highlighted the importance of careful deliberation regarding tariff policies.
The discussions emphasised the pressing need for a re-evaluation of the current tariff strategies due to their detrimental effects on both small businesses and the overall economy in Colorado. Experts and business owners conveyed a united concern that the damage is already significant and may lead to further troubles if not addressed. The necessity for thoughtful consideration and potential reversal of these tariffs emerged as a critical takeaway from the event.
Original Source: www.cbsnews.com
