New Tariffs Could Impact Western New York

The brooding trade war between the United States and several other nations, including our neighbors to the north and south, has bubbled up even more as President Trump makes a definitive declaration about increasing the cost of goods and services that are imported into America.

In a speech at the White House, President Donald Trump declared April 2, 2025, the new American Liberation Day, which he thinks will be the first step toward making America Wealthy Again. Financial experts say that prices will rise very quickly for Americans, which will likely exasperate the difference between the haves and have-nots.

Trump's Liberation Day Could Impact Western New York

According to Investopedia, the United States is the world's largest economy, with a nominal annual GDP of around $30.4 trillion. China, Germany, Japan, and India round out the top five nations, with China having a nominal GDP of around $19.5 trillion. The World Bank ranks the United States as the 11th richest country in the world when looking at the per capita GDP, which is a key indicator of determining a country's living standard.

While the President has declared that he will make America Wealthy Again, his policies are poised to have a huge negative impact on Buffalo's economy.

READ MORE: Canadians Are Done With Western New York

If all goes according to the announcement, tariffs and other duty fees on Canadian goods, commodities, and services coming into Western New York will increase from around 10% on consumer goods to 25% on steel and aluminum. Given that approximately $25 billion in cross-border trade comes through Buffalo, these increases will have a tremendous impact on Western New York.

As prices begin to rise and Canadians cut back on their travels and spending the Buffalo area, Western New Yorkers will start to feel the financial pinch real quick.

While the United States-Mexico-Canada Agreement, which President Trump negotiated in 2018, helped to facilitate collaboration between the United States and Canada, it seems that we're rethinking the idea that our economies are better when we work together.