Upstate businesses push for free trade amidst tariffs

The business community in Upstate South Carolina is calling for a return to free trade as tariffs continue to fluctuate. These tariffs, which were largely introduced by the Trump administration, can both help and hurt local businesses. Currently, the U.S. has a 25 percent tariff on steel and aluminum imports. This has led to retaliatory measures from countries like the European Union and China. Many in Upstate South Carolina feel that these tariffs are detrimental to their economy. Economists warn that while some businesses may benefit, uncertainty from tariffs can also lead to delayed investments, higher prices, and potential job losses. Republican leaders in the state still mostly support the Trump administration’s policies. Governor Henry McMaster praised the President's approach, believing it will ultimately benefit the economy. However, some local representatives, like U.S. Rep. Ralph Norman, admit that tariffs could impact major employers like BMW and Volvo in South Carolina. BMW has stated that its profits could decline significantly due to these tariffs. The company, which employs over 11,000 people in Spartanburg County, relies heavily on free trade. BMW believes tariffs complicate the market by making products more expensive. The automaker is also facing challenges in the electric vehicle market due to potential changes in federal tax credits. University experts express concern about the overall impact of tariffs on job security and economic stability in South Carolina. They indicate that companies prefer a stable environment for planning investments and forecasting costs. Volatile tariffs make it difficult for businesses to navigate future decisions. While tariffs could encourage some businesses to relocate manufacturing to the U.S. to avoid additional costs, experts warn that such moves take time. John Lummus, CEO of the Upstate SC Alliance, emphasized that uncertainty is harmful to business decisions. In conclusion, the long-term impact of tariffs in South Carolina remains uncertain and will depend on whether the benefits outweigh the costs over time.