Lamont, CT Business Leaders Warn Tariffs Will Drive Up Prices

Connecticut Governor Ned Lamont and business leaders expressed concerns about President Trump's tariffs on Canadian goods, warning that they will drive up prices for consumers. At a news conference at the Twelve Percent Beer Project in North Haven, Lamont said that if Trump wants to continue with his trade war, it could lead to higher costs for electric power and natural gas.

CBIA members surveyed by the Connecticut Business and Industry Association reported that 70% of them expect the tariffs to result in higher prices for consumers. The association's director of the CBIA Foundation for Economic Growth & Opportunity, Dustin Nord, added that 'tariffs at the end of the day are taxes and leave higher costs for businesses and consumers alike.'

Lt. Gov. Susan Bysiewicz emphasized the impact on exports, stating that they represent 6% of Connecticut's economy and support more than 50,000 jobs in the state.

Two Democratic state senators, Christine Cohen and Norm Needleman, who own small businesses, spoke about being squeezed between suppliers charging higher prices and customers refusing to pay more. Needleman noted that his company, Tower Laboratories, has seen its aluminum costs rise by 40 or 50% due to the tariffs.