With existing and news tariffs released by the Trump administration, a new report by Florida Taxwatch examines the potential impact on the state’s economy, its operations and consumers.
On April 2, 2025, a universal 10% tariff in all countries was announced by the federal government, with some countries facing up to 50% of additional mutual tariffs. A week after the announcement, a 90-day suspension of tariffs was announced, excluding a 145% tariff on certain Chinese products due to intense volatility in the bond market.
Florida is the 10th largest importer in the United States, with a total import value of $117 billion in 2024. The majority of imports take place in the vehicle, electronics and industrial industries. In January 2025, Florida exported $6.1 billion worth of goods and about $10 billion worth of imports. Countries such as Canada, Brazil, Mexico and China have become Florida’s long-term partners in both import and export activities. After the US announced new tariffs, Canada and China announced mutual tariffs that would negatively affect Florida’s economy.
Florida’s business impact
Construction – The construction industry is not the top 10 industry in total imports in the state, but it relies heavily on imports. According to a survey by the National Association of Home Builders, 75% of the imported materials used in construction come from Canada, and gypsum, a key element of drywall, comes from Mexico. If these materials are hit by tariffs, the construction industry’s costs are expected to rise by more than $3 billion.
Automotive Dealers – Florida has over 850 franchised car dealers, but not one large car manufacturing plant. A 25% tariff (if the suspension is lifted), is expected to increase the cost of one car by domestic producers by at least 15%.
Agriculture, Fisheries – Florida has a high demand for seafood. As of 2023, Florida imported $3 billion worth of seafood. It’s unclear how much of this will stay within Florida, but it will be added to the local supply. Similarly, Florida exported $440 million worth of seafood products.
Agriculture, Citrus – Florida’s already struggling citrus industry is also taking on the impact of new tariffs. Most of Florida’s orange juice production is exported to Canada. However, the mutual tariffs that Canada has imposed on US imports are likely to have a negative impact on Florida’s citrus industry. This could reduce demand for Florida orange juice outside the US and affect state revenues.
Florida’s impact on consumers
As production costs for almost every product increase, this rise burden will be passed on to Florida consumers. High construction costs could increase the price of a typical home built by a Florida developer by a $10,000 increase. As production costs in the automotive industry increase, the price of a car will rise at least $6,000-$7,000.
Florida ranks fifth in the US for grocery costs, with an average weekly average of $287.27. Fresh produce, fruits and nuts are one of Florida’s top 10 import industries. The average Floridian grocery bill is expected to increase by 10 to 15% as a result of tariffs.
