PORTLAND, Maine — President-elect Donald Trump has signaled plans to implement tariffs on imported goods as soon as he takes office, but questions are swirling about how this could impact Maine's economy.
In a social media post on Truth Social, Trump said he is looking to implement a 25 percent tariff on all products coming into the U.S. from Mexico and Canada. Right now, roughly 70 percent of Maine's imports come from Canada, according to state data.
"Anything when we’re talking about impacting trades with Canada—our largest trade partner—there’s going to be a lot of questions on the details," Maine Chamber of Commerce President Patrick Woodcock said.
An estimate from The Budget Lab at Yale found that consumer prices would rise by 1.4 to 5.1 percent with the policy before substitution and is expected to cost an equivalent of $1,900 to $7,600 per household.
Economic policy experts agree Maine could potentially feel a shift in prices if the proposal goes into effect, but the state economy may stand out against the rest.
"That is going to be a very challenging moment for the Maine economy," Stefano Tijerina, a senior lecturer at the University of Maine's Maine Business School, said. "But at the same time [...] we will escape some of the harm because we are very self-dependent in many sectors."
One sector where Maine might fare better is the state’s billion-dollar lobstering industry, which relies less on imported goods.
Maine's logging industry isn't looking to pay more in tariffed products, according to industry leaders, but Dana Doran of the Professional Logging Contractors of the Northeast told NEWS CENTER Maine she is hoping the policy might incentivize more local markets for lumber.
But she did note that some of the international business dealings could see an impact.
"Some of our businesses process on the Canadian side and then export it, so it’s very integrated with the Canadian side," Woodcock said, emphasizing the importance for Maine preserve its strong trade and cultural ties with Canada.
"Ultimately, we want to have a collaborative relationship," Woodcock added. "These are more than just trading partners—they’re friends and family from across the border."