FRIDAY INTO NEXT WEEKEND. WELCOME TO NEW HAMPSHIRE’S BUSINESS. I’M FRED KOCHER. IT’S NOW CLEAR THAT NEW HAMPSHIRE BUSINESSES ARE EXPERIENCING THE SUDDEN IMPACTS OF INCREASED TARIFFS, WITH MORE QUESTIONS THAN ANSWERS. TAKE A LOOK AT THESE QUOTES. IN SPEAKING WITH SEVERAL OF THE STATE’S TOP MANUFACTURING EXECUTIVES, IT’S CLEAR THE RECENTLY REINSTATED 25% TARIFF ON STEEL AND INCREASED TARIFF ON ALUMINUM IMPORTS FROM 10% TO 25% ARE ALREADY HAVING IMPACTS. THAT’S MIKE SKELTON AT THE BUSINESS INDUSTRY ASSOCIATION OF NEW HAMPSHIRE. NOW, HERE’S ANOTHER QUOTE. OUR TWO BIGGEST MARKETS, CHINA AND CANADA, GOT SHUT OFF ESSENTIALLY WITHIN A WEEK OF ONE ANOTHER. THAT’S JOE CARRIER, CO-OWNER OF HARDWOOD SAWMILL IN HENNIKER. AND THEN THIS ONE, RIGHT NOW, THERE ARE JUST A TON OF QUESTIONS AND VERY FEW ANSWERS. DAN DOLAN, PRESIDENT OF THE NEW ENGLAND POWER GENERATORS ASSOCIATION, TO NBR WITH ME TO TELL US THE STORIES THEY’RE HEARING FROM NEW HAMPSHIRE BUSINESSES ABOUT HOW THEY’RE RESPONDING TO SUDDEN TARIFFS, ARE MIKE CODY, EDITOR OF THE NEW HAMPSHIRE GROUP AT YANKEE MAGAZINE, PUBLISHER OF NEW HAMPSHIRE BUSINESS REVIEW. AND MIKE MOREY, CO-PUBLISHER AND EXECUTIVE EDITOR AT THE GRANITE MEDIA GROUP OF NEW HAMPSHIRE MAGAZINE. WELCOME TO YOU BOTH. THANK YOU. FRED. WHAT STORIES ARE YOU HEARING? ARE REPORTING ALREADY ON TARIFFS? MIKE. WELL, YOU KNOW, WE TALK ABOUT HOUSING EVERY TIME WE DO OUR FORECASTS FOR THE YEAR, ALMOST TO THE POINT WHERE IT’S GOING TO BE HOUSING AND OTHER THINGS. WELL, THE PRICE OF WOOD COMING OUT OF CANADA AFFECTING THE HOUSING INDUSTRY. SO AFFORDABLE HOUSING MATERIALS, THOSE ARE ALL AT RISK. WE HAD A STORY TODAY THAT QUOTED A GENTLEMAN WHO. BENSON WOOD IS A HOME BUILDING COMPANY IN WALPOLE, AND HE BASICALLY SAID HIS INDUSTRY IS PARALYZED RIGHT NOW. MATT. WE’VE TAKEN A LOOK AT THE EXPORT MARKET. NEW HAMPSHIRE HAS A ROBUST ONE, BUT IT’S STARTING TO WEAKEN. AND I THINK, YOU KNOW, WE’RE HAVING A LOT OF BUSINESSES CONCERNED ABOUT HOW THEY’RE GOING TO GET INTO THESE NEW MARKETS THAT THEY MAY WANT TO GET INTO, WHAT THEIR COSTS ARE GOING TO BE. AND I THINK, YOU KNOW, PEOPLE OFTEN THINK OF LARGE COMPANIES AS THE ONES BEING MOST IMPACTED. BUT, YOU KNOW, OUR STORY INCLUDED A JEWELER IN THE NORTH COUNTRY WHO IS BREAKING INTO THE CANADIAN MARKETPLACE. THAT’S BEEN LUCRATIVE FOR HIM. AND NOW HE’S TAKING A LOOK AT WHETHER OR NOT THAT’S GOING TO CONTINUE. 12 STATES HAVE JUST SUED THE TRUMP ADMINISTRATION ON THESE TARIFFS, CALLING THEM ILLEGAL BECAUSE CONGRESS SHOULD MAKE THAT DECISION, THEY SAY, AND BECAUSE THEY CALL THEM TAXES. MAINE AND VERMONT ARE TWO OF THOSE 12 STATES. NEW HAMPSHIRE IS NOT. ANY COMMENT? WELL, IT’S CLEAR IT’S JUST A. DEMOCRAT. STATES WHERE THE GOVERNORS ARE DEMOCRATS ARE FIGHTING TRUMP, AND EVERYBODY ELSE IS AFRAID TO. I THINK REALLY WE’RE YOU KNOW, OVERALL, I LOOK AT THIS AS WE ARE COLLATERAL DAMAGE IN THE GAME BEING PLAYED BY BILLIONAIRES. YEAH. OKAY. THE NEW HAMPSHIRE. BUSINESS, NEW HAMPSHIRE DEPARTMENT OF BUSINESS AND ECONOMIC AFFAIRS JUST PUT OUT RECENTLY A POLICY, AN ADVISORY ACTUALLY, ON THE TARIFFS. AND THEY LISTED STEPS BUSINESSES CAN TAKE TO PREPARE FOR THE TARIFFS, SUCH AS SUPPLY CHAIN DIVERSIFICATION AND FINANCIAL PROTECTION STRATEGIES. WELL, THESE ARE IMPORTANT THINGS FOR BUSINESSES TO THINK ABOUT RIGHT NOW. WE’VE ENTERED THIS ERA OF UNCERTAINTY AND BEING ABLE TO PLAN FOR THE FUTURE IS TOUGH. ONE OF THE THINGS THAT WE ARE HEARING INCREASINGLY, THE LOUD DRUMBEAT OF IS A RECESSION IS COMING UNDER WAY. THE EXPERTS THAT FOLLOW THESE ECONOMIC TRENDS ARE INCREASING THE CHANCES THAT BOTH IN THE UNITED STATES AND GLOBALLY, WE’RE GOING TO ENTER ONE. AND SO BUSINESSES NEED TO PREPARE FOR THAT. YEAH, THAT ADVISORY SOUNDS LIKE IT WAS WRITTEN FIVE YEARS AGO DURING THE PANDEMIC. AND I THINK THAT COMPANIES PROBABLY LEARNED A LOT ABOUT SUPPLY CHAIN MANAGEMENT, AND A LOT OF THEM HAVE CHANGED HOW THEY DO BUSINESS. SO HOPEFULLY A LOT OF THEM ARE PREPARED, PARTICULARLY THE BIGGER MANUFACTURING COMPANIES, FOR EXAMPLE, LIKE LIFE IS GOOD, WHICH MAKES T SHIRTS. THEY CHANGE THE WAY THEY DO THINGS DURING THE PANDEMIC. YEAH. GOOD POINT. FUEL OIL. NEW HAMPSHIRE IS TOP CANADIAN IMPORT, ESPECIALLY FROM CANADA’S LARGEST REFINERY. IRVING OIL. THERE’S A CONCERN ALREADY THAT 10% TARIFF ON ENERGY COULD IMPACT LOCAL COSTS. AND OF COURSE, IT COULD AFFECT AT THE PUMP AND IN THE FURNACE. IF IN NEW HAMPSHIRE, IF THOSE TARIFFS CONTINUE, COMMENT. LOOK AT IT PURELY FROM A BUSINESS STANDPOINT. WHAT’S THE ONE THING THAT KEEPS BIG COMPANIES FROM COMING HERE? HIGH ENERGY COSTS. OBVIOUSLY THIS COULD AFFECT CONSUMERS AND IT’S PEOPLE. IT SENDS A BAD MESSAGE TO COMPANIES. YOU MIGHT WANT TO COME. IT’S BEEN A VERY FLUID SITUATION. SO WE’RE HOPING BY THE TIME WE GET WINTER, PERHAPS THIS IS NOT GOING TO BE AS BIG AN ISSUE THAT SOME OF THAT WILL BE RESOLVED. BUT IT’S A CHIEF CONCERN FOR BUSINESSES, ESPECIALLY THOSE THAT HAVE A LARGE TRUCKING COMPONENTS TO THEM. AND LAST QUESTION QUICKLY, THESE TARIFFS, IF THEY CONTINUED, COULD IN FACT IMPACT BUSINESS PROFITS AND THUS BUSINESS PROFITS TAXES IN NEW HAMPSHIRE. ABSOLUTELY. AND THAT IS A HUGE CONCERN MOVING FORWARD BECAUSE OUR BUSINESS PROFIT TAXES ARE ALREADY UNDERPERFORMING RIGHT NOW. THE THE OUR OVERALL TAXES ARE UP MONTH TO MONTH. BUT BUSINESS PROFIT TAXES HAVE CONSISTENTLY UNDERPERFORMED. WE’RE GOING TO HAVE TO LEAVE IT THERE. MATT MURRAY, WHO IS THE EDITOR AND CO-PUBLISHER OF BUSINESS NEW HAMPSHIRE MAGAZINE AND THE GRANITE MEDIA GROUP. THANK YOU. AND MIKE CODY, WHO IS THE EDITOR AT YANKEE, A YANKEE PUBLISHING OF NEW HAMPSHIRE BUSINESS REVIEW. THANK YOU. NICE TO HAVE YOU ON. AND IF YOU MISSED PART OF THIS BRIEFING ON TARIFF IMPACTS IN NEW HAMPSHIRE, YOU CAN