Nov 14, 2024
During his first term in office, President-elect Donald Trump levied tariffs on steel from the European Union. That led to the EU enacting retaliatory tariffs for American products, such as bourbon.This time around, Trump is proposing a 60% tariff on imports from China and a 10% tariff on imports from all other nations. Some groups, like the Tax Policy Center, say those tariffs would fall hardest on states in the Midwest and South. According to the group, Kentucky would see the largest total tariff payment under Trumps proposal.Governor Andy Beshear said he has some concerns about this, but without a concrete policy proposal in place, he's not prepared to take any preventive action."I want to wait and see how the President-elect is ultimately going to use it once he comes into office," said Beshear. "And then, hopefully, there will be an ability to communicate and talk about the impact that it would have, not just on us, but on other states as well."Beshear said his biggest concern with the tariffs is the cost of goods going up. However, he hopes Trump reconsiders his plan."We just had an election that was significantly about inflation and other core issues," said Beshear. "My hope is that a president who ran on decreasing inflation and making things more affordable won't put policies into place that will raise prices. Because that's what happens with tariffs.""What happens is, if something costs, you know, $10 right now, and a 20% tariff is put on it, it's going to cost $12," added Beshear. "That tariff is ultimately passed along to the consumer."Beshear said while he hopes to work with the new Trump Administration, he is prepared to push back if Kentucky's best interests are at stake. He hopes Kentucky's federal delegation does the same."My goal is to work with the incoming administration anytime it's good for Kentucky, and to stand up to any administration any time that it's bad for Kentucky," said Beshear.
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