US EditionTrump’s policies cloud Maine’s economic outlook
- On Monday, the state's Consensus Economic Forecasting Commission met to discuss Maine's economic outlook amidst uncertainty surrounding President Trump's policies.
- The meeting and concerns stem from President Trump's implementation of tariffs on goods from countries like China, Mexico, and Canada over the last two months, alongside potential federal spending cuts and a feud with Maine's governor.
- During the nearly three-hour meeting, the commission downgraded its forecast for personal income growth and increased projections for inflation, with members like Chuck Lawton questioning the impact on Maine's relationship with Canada and the potential defunding of infrastructure projects like rebuilding seawalls in York.
- Economists warn that Trump's tariffs could lead to increased prices and significant economic effects, despite Trump stating he 'couldn't care less if automakers raise their prices due to new tariffs' and believing tariffs will encourage domestic manufacturing.
- The potential fallout includes a period of increasing unemployment and below-potential economic growth, with economists warning of a 25% chance of recession, as the commission prepares to finalize its forecast for the Legislature’s budget-writing committee on Friday.
12 Articles
12 Articles
Calais businesses grapple with less Canadian foot traffic
CALAIS, Maine — A Maine border city has found itself on the front lines of the United States’ trade war with Canada. In Calais, many downtown shopowners can see the banks of the Canadian town of Saint Stephen from their storefront windows — less than half a mile away. But, following President Donald Trump’s 25 percent tariffs on certain Canadian imports, along with Canada’s retaliatory tariffs, local businesses said many Canadians are no longer …
Trump Keeps Everyone Guessing on His Next Round of Tariffs
This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Every Monday, Bloomberg Intelligence senior analyst Nathan Dean gives his insights into what’s been happening and what’s coming up in the nooks and crannies of government and markets. Sign up here and follow us at @bpolitics. Email our editors here.
'Don't hold your breath': Business expert scoffs at Trump's economic promises
President Donald Trump’s new set of tariffs are set to roll out on Wednesday, but their impact is already being felt, according to Business Insider’s Ben Bergman, who threw cold water on the idea that the plan will spring the economy.“You know, President Trump was elected for many reasons, but one o...
Portland Press Herald
Trump’s policies cloud Maine’s economic outlook
President Donald Trump's global trade war and federal spending cuts — as well as his threat of cutting funds to Maine — have state officials preparing for slowing economic growth and rising unemployment.
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