President Donald Trump’s threats to impose tariffs on Canada, Mexico, and China have Colorado business leaders on edge about the potential impacts on the state’s economy. The U.S. and Canada exchanged retaliatory tariffs on various goods, including key Colorado exports like beef, dairy, wheat, and liquor. Despite a 30-day pause on tariffs to Canada and Mexico, tariffs on Chinese goods are still set to take effect.
About one in five jobs in Colorado rely on trade, with the state exporting nearly $4.4 billion of goods in 2023 to the three countries. Canada is Colorado’s largest trade partner, accounting for 18% of total exports. The looming tariffs have left businesses in the Denver metro area feeling uncertain about navigating the situation and coping with higher costs and tighter budgets.
The World Trade Center Denver is assisting companies in understanding the potential impacts of tariffs and has provided steps to minimize effects, such as diversifying suppliers and utilizing Denver’s Foreign Trade Zone. Denver has led the U.S. in lower inflation, but fears of price spikes due to trade tensions are emerging. Agricultural economist Amanda Countryman warns that tariffs could drive up costs for domestic and international food products, impacting U.S. beef producers and distillers trying to expand into foreign markets.
With concerns about the competitiveness of U.S. agriculture in foreign markets and potential barriers to entering export markets, Colorado businesses are bracing for the uncertainties and challenges that may arise from a trade war. Press Release:
As President Donald Trump threatens to impose tariffs on key trade partners, including Canada, Mexico, and China, concerns grow among Colorado business leaders about the potential impact on the state’s economy. Despite a temporary pause on tariffs to Canada and Mexico, the looming trade tensions have left Denver metro area businesses feeling uncertain and anxious about navigating the situation. World Trade Center Denver is providing guidance to companies on how to minimize the impact of tariffs, emphasizing the importance of diversifying suppliers and utilizing Denver’s Foreign Trade Zone. With fears of price spikes and inflation due to the trade war, agricultural economist Amanda Countryman warns about the potential negative effects on U.S. beef producers and distillers trying to expand into foreign markets. The uncertainties surrounding a potential trade war have Colorado businesses on edge as they prepare for the challenges ahead.
