Virginia leaders concerned about impact US tariffs could have on goods

RICHMOND, Va. (WRIC) — Virginia leaders say they are feeling uncertain about how the latest Trump Administration’s tariffs will impact businesses and consumers.

On Tuesday, April 8, the Virginia Economic Development Partnership (VEDP) gave a presentation from an international trade law firm, Sandler, Travel & Rosenberg. Associate and Trade Policy Advisor David Olave said he expects tariffs will last at least a few months.

“We’re going to see immediate passing of that tariff to consumers in a way we didn’t see as quickly in the past,” Olave said.

Imports from China, Mexico and Canada are the top three countries Virginia gets goods from -- with mechanical appliances, minerals and plastics among the top exported items.

Olave said businesses should know how their imports are classified to keep tariffs as low as possible.

“It's certainly going to create headaches,” Olave said. “It will likely immediately result in price increases. Generally, in past times when the tariffs were at the 10% or 20% level, we were seeing some negotiations between the factories, between the producers, between the buyers here and the U.S. Importers try to take a little bit of that cost on their side.”

VEDP Senior Vice President Stephanie Agee advised business leaders to take every precaution to ensure the effects don’t weigh them down.

“Being very, very cognizant of what the tariffs are that are coming in,” Agee said. “[Businesses] should retain the services of an international trade lawyer who can guide them through exactly what they should do.”

Agee also said tariffs don’t have to be a bad thing long term.

“There could be positive impacts down the line,” Agee said. “Obviously, some of the stated goals of the tariffs have been to improve opportunities for manufacturing in the United States. We're very hopeful that that is what would end up coming from these if the tariffs do stick around.”

VEDP leaders are planning to send a letter to Governor Glenn Youngkin and the White House about concerns and uncertainties that were discussed. As well as long-term effects surrounding export and import businesses in Virginia.

You can find the latest data for tariffs impacting Virginia here.