New York State Launches Online Guide for Businesses Affected by Tariffs

News Summary

New York State has launched an online guide to help businesses adapt to federal tariffs. Announced by Governor Kathy Hochul, the guide offers resources and strategies to mitigate the economic impact of tariffs. Companies can access vital information on customs compliance, financial assistance through grants, and the benefits of Foreign Trade Zones and Customs Bonded Warehouses. With increasing concerns about tariffs’ effects on local businesses, this initiative aims to support New York’s economic landscape and provide crucial assistance to struggling enterprises.

Albany, NY — New York State has introduced an online guide aimed at assisting businesses in adapting to federal tariffs. Announced by Governor Kathy Hochul on July 11, 2025, this initiative provides crucial resources for companies dealing with the financial pressures resulting from recent trade policies. The guide can be accessed at NY.gov/tariffs.

The online resource was developed by the state agency Empire State Development (ESD). It emphasizes several strategies to help mitigate the negative impacts of tariffs. Among the highlighted techniques, consulting a permitted customs broker is recommended to ensure compliance with federal regulations. Additionally, businesses are encouraged to utilize Foreign Trade Zones and Customs Bonded Warehouses to store imported products, which can delay the payment of import duties. Furthermore, the guide suggests that companies explore their Customs Duty Drawback Qualification for potential refunds on imports that are ultimately exported.

Small businesses in New York may also consider financial assistance through the Global NY Grant Fund Program. Qualifying businesses can apply for grants up to $25,000 to support their export initiatives. Nonprofits have the opportunity to apply for grants as high as $100,000. To be eligible for these grants, applicants must have fewer than 500 employees and either manufacture at least 50% of their product’s final value within New York or be recognized as a certified local producer.

The introduction of this guide comes amidst growing concerns among New York businesses regarding the economic effects of tariffs. Governor Hochul acknowledged that many companies are experiencing uncertainty due to tariffs implemented during the previous presidential administration. Survey data from the National Small Business Association reveals that approximately one-third of businesses in New York are “very concerned” about tariff impacts.

The situation is particularly acute for manufacturers and tourism-related businesses, with reports from North Country manufacturer Alcoa detailing a staggering $20 million loss linked to imports from Canada, New York’s principal trading partner. Tourism has also been affected, with a notable 400,000 drop in Canadian visitors in May 2025 compared to the previous year. This decline has been compounded by a 30% decrease in bridge crossings at major points such as Ogdensburg and Champlain.

Furthermore, a survey conducted by the North Country Chamber of Commerce found that 66% of tourism businesses reported a downturn in Canadian clientele. A significant number of businesses, estimated at one in four in the North Country region, may need to consider staff reductions due to the diminished flow of tourist reservations.

Tariffs, which are taxes imposed on imported goods or services, represent a cost borne by domestic importers to the U.S. Customs and Border Protection (CBP). In the fiscal year 2024, CBP collected $77 billion in tariffs, amounting to approximately 1.57% of federal revenue. It is noteworthy that around 70% of all products entering the U.S. cross duty-free.

While Congress holds the authority to set tariffs, some power has been delegated to the president for trade negotiations. The U.S. is a member of the World Trade Organization (WTO), an organization established to lower trade barriers and prevent conflicts following World War II. Since the WTO’s establishment in 1995, global tariff rates have generally decreased, which has facilitated trade and expanded markets for U.S. exports. Adjusted for inflation, the value of U.S. exports has increased by over 160% since then.

Historically, tariffs have served as a significant source of government revenue; however, contemporary state income is derived mostly from alternative tax sources. Nowadays, tariffs are primarily utilized to safeguard domestic industries or to pursue broader trade and foreign policy goals.

Deeper Dive: News & Info About This Topic

HERE Resources

Dime Community Bank Launches $10K Small Business Challenge
Investigation Launched into Disappearance of Bul Auto Sales President
NYC’s Small Business Month Expo Gathers Thousands
New York City Boosts Support for Small Businesses
Small Business Surge in New York City Post-Pandemic
Voss Manufacturing Partners with Dream It Do It for Skilled Labor Solution
Voss Manufacturing Tackles Skilled Labor Shortage
March US Job Growth Surprises Analysts with Strong Gains

Additional Resources

• The New York Times: Trump Tariffs and Trade Deals
• Wikipedia: Tariff
• The New York Times: Trump Tariffs and Deals
• Google Search: Trade Deals
• The New York Times: Trump Tariffs and Global Trade Deals
• Google Scholar: Trade Regulations
• The New York Times: Trump Tariffs Trade Deals August 1
• Encyclopedia Britannica: International Trade
• The New York Times: Trump Tariffs and Trade Europe US
• Google News: Trump Tariffs