As President Trump's executive actions continue to influence economic policies, new tariffs have been enacted, affecting imports from Mexico, Canada, and China. The U.S. has imposed a 25% tariff on all imports from Mexico and Canada, with a lower rate for Canadian energy, while tariffs on Chinese imports have risen to 20%. In response, Canada has levied 25% tariffs on $30 billion CAD of U.S. goods and may extend this to an additional $125 billion CAD after a consultation period. Mexico is preparing its retaliatory measures.
These tariffs are part of the Trump Administration's strategy to address illicit drug trafficking into the United States. Further tariffs are anticipated in the coming weeks, including a global 25% tariff on aluminum and steel effective March 12 and unspecified tariffs on agricultural products and foreign cars set for April 2.
Greater Louisville Inc. (GLI) opposes these tariffs due to their potential impact on local businesses and consumers. GLI is collaborating with partners like the U.S. Chamber of Commerce to mitigate these effects and offers assistance in finding local suppliers to counteract price increases.
In addition to trade policies, other executive orders focus on immigration enforcement by giving more authority to Immigration and Customs Enforcement (ICE). Legal experts from Dentons Bingham Greenbaum LLP provide guidance on compliance for businesses.
Concerns also arise over federal funding freezes affecting institutions like the National Institutes of Health (NIH) and educational entities such as the University of Louisville. GLI has expressed opposition through formal communication.
Executive orders related to Diversity, Equity, and Inclusion (DE&I) target federal contractors operating "illegal DE&I programs." Further guidance is expected soon.
GLI encourages feedback from the business community about these policies' impacts to effectively communicate with elected officials and stakeholders.