Albany Businesses Bracing for Potential Trump Tariffs
The Impact on Local Businesses
At the Copper Crow in Albany, owner Jason Pierce fears that tariffs on produce items and alcohol between the US, Canada, and Mexico could negatively impact his and surrounding businesses by driving up prices. Pierce pulls double duty as Copper Crow’s owner and President of the Albany Restaurant Association. “Crown Boulevard is one of our most popular drinks here at the Copper Crow, and it in fact features Crown Royal which is a very popular Canadian whiskey that of course is on the list of things that’s going to be tariffed if this goes into effect a month from now” Pierce said as he mixed a drink.
The Tariffs in Question
The tariffs in question would’ve imposed a 25 percent tax on Mexican and Canadian goods and a 10 percent tax on Chinese goods. However, on Monday, President Trump announced the proposed tariffs regarding Mexico would be “paused for a month”. “They’re designed to punish Canada and Mexico for allowing too many immigrants and drugs into the country” Pierce explained. “People think maybe the Canadian government or the Mexican government pays these tariffs, not at all” he continued.
The Reality of Tariffs
Pierce says the business receiving the import would pay that tariff cost to the US government. “They’re then going to sell the product to a businessman like me who’s going to pay the higher price and in the end pass it along to you so the people that paid the tariff are really quite frankly you and I,” said Pierce.
Concerns from Local Business Owners
Mexican Restaurant owner Patrick Noonan, Chairman of the Lark Street Business Improvement District and owner of El Loco Mexican Restaurant, fears the effect higher food prices will have on patrons. “People are already feeling it at the grocery store which means they don’t have the money to go out to eat or shop or support local businesses so it’s a whole compound effect” Noonan told NEWS10’s Giuliana Bruno.
Trump’s Position
President Trump says any tariff-caused price increases would be temporary but better for America in the long run. Trump says the US is still negotiating with the Mexican government to carve out a deal regarding tariffs. The restaurant’s owner is hoping for no tariffs.
Conclusion
The potential tariffs on Mexican and Canadian goods could have a significant impact on local businesses in Albany. The increased costs would likely be passed on to consumers, making it more difficult for people to support local businesses. The situation is being closely monitored, and local business owners are hoping for a resolution that benefits everyone involved.
FAQs
Q: What are the proposed tariffs?
A: The proposed tariffs would impose a 25 percent tax on Mexican and Canadian goods and a 10 percent tax on Chinese goods.
Q: Why are the tariffs being proposed?
A: The tariffs are being proposed to punish Canada and Mexico for allowing too many immigrants and drugs into the country.
Q: Who would pay the tariffs?
A: The business receiving the import would pay the tariff cost to the US government.
Q: Would the tariffs be passed on to consumers?
A: Yes, the increased costs would likely be passed on to consumers, making it more difficult for people to support local businesses.
Q: What is President Trump’s position on the tariffs?
A: President Trump says any tariff-caused price increases would be temporary but better for America in the long run.
