PORTLAND PRESS HERALD • January 30, 2025
Tariffs that are central to President Donald Trump’s economic policies could destabilize markets for many Maine products from lumber to lobsters to electricity. The president has said he will impose tariffs of 25% of the value of a product imported from Mexico and Canada beginning Saturday. Essentially a tax, a tariff could lead to higher prices because businesses typically pass the cost onto consumers, fueling inflation. And they drive other countries to respond with a tax on U.S. goods. Tariffs on products from Canada, which is Maine’s biggest trading partner, would send powerful ripples across the state’s economy. Maine brought in $4.4 billion of goods – fuels, oil, electricity, wood pulp and more – from its neighbor in 2024. A 25% tariff will cost Maine electricity ratepayers $8 million to $10 million a year.