How Trump’s tariffs will impact Virginia’s economy, according to LendingTree
VENN
RICMOND, Va. (WRIC) -- On Feb. 1, President Donald Trump signed an executive order to impose tariffs on imports from Mexico, Canada and China.
According to a recent study by LendingTree, Virginia gets 33% of its imports from Canada, Mexico, and China and ranks 36th amongst most vulnerable states to tariffs.
Virginia gets $2.7 billion in imports from Canada, almost $2.8 billion from Mexico and $1.8 million from China, according to LendingTree.
The study showed that Montana, New Mexico and Vermont have the highest combined percentages of imports getting two thirds of their imports from Canada, Mexico, and China, while states like Hawaii, Maryland and New Jersey have the lowest.
Americans have also raised some concerns about the overall economic impact that the tariffs will have on the economy, with 74% of respondent saying that the tariffs will lead to an increase in the price of goods, according to the study.
However, not all Americans believe that tariffs will negatively impact the economy. According to the study, 28% of respondents said they believe the tariffs will have a positive impact on the economy, while another 28% said they think the tariffs will have no overall effect.
Here are some tips LendingTree provided on how you can prepare for the possible tariff rise:
- Make paying off high-interest debt a short-term priority
- Keep building your emergency fund
- Stick with your long-term goals
- Don't be afraid to seek help
- Breath and take time to decompress
- Speak up and let your elected officials know
For more information on tariff impacts on Virginia, visit the LendingTree website or refer to local officials.
