Since Donald Trump took office as the 47th President of the United States, there have been quite a few changes we've seen in America. Over the last 2 weeks or so, we've seen a massive increase in law enforcement activities by federal officials and several changes in various laws due to the use of Executive Orders and Presidential decrees. One other thing that we're seeing that is likely to have a big impact on Buffalo is changes in American economic policy, specifically tariffs.

According to the Council on Foreign Relations, a Tariff is a tax imposed on foreign-made goods, paid by the importing business to its home country’s government. While tariffs have been used in general by countries all over the world, the current federal administration has started to implement large tariff increases across the board, including what looks like a 25% tariff increase on goods that are imported from Canada. Those tariffs, in addition to the suspension of the $800 de minimis U.S. duty exemption, are poised to have a huge impact on border towns like Buffalo.

With these new fees and exemption suspensions, Western New Yorkers can expect to see:

  • A potential decrease in border traffic as these new fees will cool trade between the two regions,
  • Prices of goods that Buffalonians regularly use increase as it will cost more for local companies to bring them into the  country,
  • Reduction in the region's economic drivers as Western New York and Southern Ontario have a shared economy,

It's pretty likely that these tariffs will have a noticeable impact on Buffalo. This does, of course, not include what would happen if the Canadian government decided to issue retaliatory tariffs and fees, which is almost certain to happen.

Only time will tell how things will shake out, but it's looking grim for the Golden Horseshoe and the Niagara Region.

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