BUFFALO, N.Y. (WKBW) — As the Trump administration gears up for a significant economic move dubbed "Liberation Day," the country is bracing for a new set of tariffs on imported goods, expected to roll out Wednesday.
With these changes looming, Western New York businesses and families are anxiously waiting to see how this will affect their budgets.
Some expectations include a 25% tariff on imports from Canada and Mexico and additional tariffs on imports from several other countries.
Steve Coppola, Vice President of LENCO, told me that his business has been preparing for a change like this for years, diversifying its inventory by importing from both nearby Canadian mills and American mills.
“We’ve been preparing for a few years actually, in anticipation of a potential Trump presidency again...We’ve shifted from probably about 60-70% Canadian [lumber] to about 40-50%, the rest being state-side lumber,” Coppola said. “We feel a lot better than we did a year or two ago.”
On the other end of the spectrum, foreign wine importer Daniel Christmann is particularly concerned about the potential for a 200% tariff on European spirits.
Trump threatened to impose those tariffs following a now-delayed European Union tariff on the import of American whiskey.
“At 200% there is nothing I can do to absorb that," Christmann, the co-owner of Cuvée Imports said. "Just add 200% to the price on your shelf…If a bottle is $50, you’re at $150. I think this would be the last time I represent Cuvée Imports [if a 200% tariff is imposed].”
Below you can find other tariff-related stories 7 News has reported on:
- Western New York businesses react to President Trump's 25 percent tariff on Canadian imports
- 'Nobody wins in a tariff war': The possible impact of tariffs on Western New York
- Niagara Produce takes steps to mitigate the impact of proposed tariffs on imported produce
- 'There's quite a bit that comes from Canada': WNY auto industry reacts to potential impact of Trump tariffs
- 'Wait and see game': WNY farmers react to President Trump's tariffs
- 'It could really hurt us': Weber’s Mustard braces for potential impact of tariffs on Canadian imports
- Cautious consumers head to Buffalo Home Show as tariffs loom over home improvement plans
- Western New York beer industry impacted by Trump's tariffs on steel and aluminum imports
- 'It's not sustainable': Trump threatens 200% tariffs on EU wine, sparking concerns for wine industry
- 'Priced out': Customers, dealers prepare for 25 percent tariff on auto imports
