The newly announced 15% tariffs on EU products exported to the U.S. could affect more than $900 million in goods coming into Maine, including cars and car parts, pharmaceuticals, apparel and raw materials.
James Myall is a Senior Policy Analyst at the Maine Center for Economic Policy. He said car manufacturers in the U.S. that are paying more for steel or car parts will likely pass those costs along to customers.
"Those impacts tend to be largest on Americans or Mainers with the lower household incomes because they're spending more of their money on physical goods that are subject to tariffs," Myall said.
Myall said tariffs do have their place in the global economy when they are used to push back against some countries' unfair trade practices, but he said it would take time to bolster manufacturing capacity here in the U.S.
In the meantime, Myall said older Mainers who rely on specific pharmaceuticals from Europe will have no choice but to pay the higher prices.
"For Mainers it would be particularly impactful. There are a large number of older Mainers who tend to be reliant on some of these and have particular prescriptions they need to get filled," he said.
