Several sectors in the state, from Florida’s aerospace industry to local housing developments, are feeling the impact of higher tariffs.
A recent website post by Northeast Florida Career Source talks about how Northeast Florida manufacturers are dealing with the impact of tariffs.
Lakeray, who heads the North Florida Manufacturers Association, told Florida every day that his group members are already dealing with higher tariff costs.
“One member of the Jacksonville area had unexpectedly increased raw material prices due to new tariffs. The member received a steel shipment from China to the US. Along the way, he was slapped with tariffs that quickly went from $5,000 to $50,000.
However, the negative impact is also causing a blow to small businesses.
Coastal to coastal real estate agents of real estate companies do business with groups ranging from manufacturing to home builders.
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“The impact of US steel tariffs will continue to affect Florida’s industry, particularly the construction sector. Florida construction projects could face increased costs that have ripple effects on both residential and commercial development. Real estate projects that have caused rising material costs in recent years could lead to increased home prices for buyers.
Will a 90-day suspension of tariffs with China help to reduce uncertainty?
“No, a pause is not a solution. It’s a stay for small businesses who don’t yet know the cost of future products, and in many cases we’ve taken steps that cannot be revoked,” said Dan Anthony, president of the trade partnership at an international economic think tank.
Florida aerospace companies such as Boeing and Lockheed Martin say that manufacturing aerospace components is becoming more expensive as they experience increased production costs due to rising aluminum prices.
The Penn Wharton Budget Model tariff simulator estimates the remaining 30% tariffs on all imports from China will increase by $6390 billion over a decade.
