News Summary
New York State has launched an online guide to help businesses navigate federal tariffs. Announced by Governor Kathy Hochul, the guide provides practical techniques to mitigate tariff impacts, including a survey for feedback. Additionally, small businesses can apply for funding for export activities. Recent surveys demonstrate growing concerns about tariffs among small businesses, particularly regarding tourism impacts from Canadian visitors. The guide also explores the historical context of tariffs and their current financial implications for local commerce.
New York State Launches Online Guide to Aid Businesses with Federal Tariffs
New York State has introduced an online guide aimed at assisting businesses in managing the complexities associated with federal tariffs. The guide was officially announced by Governor Kathy Hochul and is accessible on the state’s official website at NY.gov/tariffs. It has been developed by the Empire State Development (ESD) agency.
Guide Offers Practical Techniques and Information
This comprehensive guide provides a variety of techniques designed to lessen the financial impact of tariffs on local businesses. One of the key features includes a survey embedded within the guide, allowing businesses to report their experiences and the effects tariffs are having on their operations. The guide suggests several practical methods such as:
- Consulting a permitted customs broker to ensure compliance with federal requirements.
- Utilizing Foreign Trade Zones and Customs Bonded Warehouses to store goods, which can delay the payment of import duties.
- Investigating Customs Duty Drawback qualifications that enable businesses to receive refunds on imports that are later exported.
Financial Support Available for Small Businesses
In conjunction with the release of the guide, small businesses in New York can now apply for up to $25,000 in funding for export-related activities through the Global NY Grant Fund Program. Nonprofit organizations are also eligible for grants, with potential funding reaching up to $100,000. To qualify, businesses must employ fewer than 500 individuals and meet specific criteria related to the value of their products and the production location.
Concerns Among Small Businesses Amplified by Recent Surveys
A recent survey conducted by the National Small Business Association revealed that one in three small businesses in New York is “very concerned” about the impacts of tariffs. This sentiment is echoed by local manufacturing companies, such as Alcoa, which reported an estimated loss of $20 million on imports from Canada, New York’s leading trading partner.
Impact on Tourism and Regional Commerce
Moreover, the implications of tariffs extend beyond manufacturing. The rhetoric surrounding Canada’s perceived status as the “51st state” has contributed to a noticeable decline in Canadian tourism. Recent statistics indicate that 400,000 fewer Canadian visitors traveled to New York in May 2025 compared to the same month in the previous year. Significant drops in bridge crossings, such as the Ogdensburg Bridge and the Champlain crossing, were recorded, showing a decrease of 30% from the prior year.
Local Businesses Feeling the Strain
According to a survey by the North Country Chamber of Commerce, 66% of tourism businesses reported a decrease in Canadian clients. Alarmingly, one in four regional businesses may have to cut staff due to a decline in reservations resulting from the drop in tourism.
Overview of Tariff Payments and Historical Context
In the United States, tariffs are primarily paid by domestic importers to the U.S. Customs and Border Protection (CBP) agents at various ports of entry. In New York, there are 11 points of entry for customs. In the fiscal year of 2024, CBP collected an impressive $77 billion in tariffs, accounting for approximately 1.57% of federal revenues. Interestingly, around 70% of products coming into the U.S. are exempt from tariffs.
The U.S. government has the authority to set tariffs as mandated by the Constitution, although some of this authority has been delegated to the president in cases of trade negotiations. The U.S. is also a member of the World Trade Organization (WTO), which promotes the reduction of trade barriers. Since the establishment of the WTO, the value of exported U.S. goods, when adjusted for inflation, has increased by more than 160%.
Changing Financial Landscape of Tariffs
Historically, tariffs served as a significant revenue source for the government; in recent times, however, other taxes have largely taken over this role. Presently, tariffs are mainly utilized to protect domestic industries or to leverage specific trade or foreign policy objectives.
Deeper Dive: News & Info About This Topic
- New York Times: Trump Tariffs and Trade Deals
- Wikipedia: Tariff
- New York Times: Trump Tariffs and Trade Deals Update
- Google Search: Impact of Tariffs
- New York Times: Global Trade Deals and Trump Tariffs
- Google Scholar: Trade Policy
- New York Times: Global Trade and Trump Tariffs
- Encyclopedia Britannica: Trade
- New York Times: Trump, Brazil, and Tariffs
