President Trump’s announcement of reciprocal tariffs is a continuation of the current administration’s policy of increasing tariffs on other countries.
An analysis conducted by the economic development agency Ann Arbor SPARK asked entrepreneurs in their network throughout Washtenaw County how the fluctuating tariffs have impacted their businesses. Nearly 80% of participants reported experiencing supply chain disruptions and rising costs.
Ann Arbor SPARK's Chief of Staff, Phil Santer, says the current economic environment and new tariffs have made local businesses hesitant to make decisions.
“If there is one thing that is not great for business, it’s uncertainty in the external environment, and this was just adding to that for this year.”
Santer says the tariffs have resulted in one positive change: Canadian businesses are now considering the local area to evade tariffs. He says if the new tariffs remain consistent, it could provide businesses with a clearer understanding of how to operate in Trump’s economy.
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