Gov. Whitmer Highlights Impact of Federal Tariffs on Michigan Employers and Consumers, Causing Price Hikes and Layoffs Across Affected Industries
LANSING, Mich. – Today, Governor Gretchen Whitmer highlighted new data released by the Yale Budget Lab showing that the U.S. effective tariff rate is at its highest point in 115 years, reaching 20.6%. This historic rate will put a strain on Michigan businesses as they work against supply chain shortages and rising costs. Given that tariff policies are actively shifting, the current effective rate is seven times more than last year’s rate and could increase on August 1 if more tariffs are enacted as planned.
Potential New Tariff Rates for Canada, Mexico, the EU and Copper Products
Last week, the Trump administration sent letters to some of the country’s largest trading partners threatening to impose new tariff rates unless agreements were reached before Aug. 1. While the rates for each country vary, the basic content of each letter was the same – make satisfactory trade concessions to the U.S. or see an increase in import taxes. These latest communications are, in essence, a delay of President Donald Trump’s prior threat to fully impose the “reciprocal tariffs” set to take effect
Michigan Earns Highest Ever Rank in CNBC’s Top 10 States for Business
LANSING, Mich. – Today, Governor Gretchen Whitmer celebrated Michigan’s No. 6 rank, its highest ever, in CNBC’s America’s Top States for Business list. Michigan cracked the top 10 for just the fourth time since the list was launched in 2007, with two of the previous three coming in the past two years, under Governor Whitmer’s leadership. For the third year in the row, the state climbed the list, thanks to huge gains in the Michigan economy, quality of life, infrastructure, cost of doing business, and
Trump Hits Japan, South Korea With 25% Tariffs
President Donald Trump upped his tariff war again Monday, slapping a 25% tax on goods from Japan and South Korea and announcing new tariffs on five other countries. The taxes on Japan and South Korea, along with tariffs on Malaysia, Kazakhstan, South Africa, Laos and Myanmar, would go into effect on Aug. 1. Trump notified the various entities with letters posted to his social media site, Truth Social. Those letters, reported by a variety of media outlets, also warned leaders of those countries not to
Reconciliation Bill to Cut Taxes and Increase Deficit in 2026
The “One Big Beautiful Bill Act” will help U.S. growth regain traction in 2026 as new tax cuts come into effect. The bill extends or makes permanent some “temporary” tax cuts passed in 2017; reinstates capex incentives like bonus depreciation; reduces taxes on individual incomes, tips, overtime, and inheritances; and increased tax deductions for SALT taxes and car loan interest. These are partially funded by higher tariffs; cuts to Medicaid, SNAP, Obamacare, and student loan programs; earlier phaseouts of
Find Your Small Business Support Hub
There are 27 Support Hubs across the state that help entrepreneurs navigate Michigan’s small business ecosystem and gain awareness of federal, state and local resources. These efforts include comprehensive programming and direct support to small businesses, whether it’s helping develop a business plan to secure funding, growing a customer base and industry connections, or hiring and managing employees.Small Business Support Hub search
One Big Beautiful Bill Act Likely Adds $3T+ to Federal Deficit
The Congressional Budget Office warns that the One Big Beautiful Bill Act will increase the federal deficit by $3.8 trillion by 2034. // Stock photo Republicans and Democrats have been arguing for months about the pros and cons of President Donald Trump’s One Big Beautiful Bill Act (OBBB), signed into law on July 4 after squeaking through Congress. One aspect of the legislation that no one seems to quibble about, except the White House, is its effect on the national debt. Back in May, the Congressional
Trump Signs Law Impacting Business, Students, Others
When the U.S. Senate approved a different version of President Donald Trump’s “big, beautiful bill” than the one the U.S. House sent over, there was some question of what kind of pushback House members might have against Senate changes. Turns out there was very little. After a couple of marathon sessions, the House approved the bill largely along party lines (two Republicans voted against it) and Trump signed it into law on the Fourth of July. Since then, the focus has been on what’s actually in the
Americans Soured on U.S. Economy in June
The rise in how Americans view the U.S. economy didn’t last long. According to the Conference Board, the way Americans see the economy dropped in June, one month after a slight uptick that happened in May. The Conference Board said Tuesday that its consumer confidence index slid to 93 in June, down 5.4 points from 98.4 last month. Consumer confidence is at its lowest level since the Covid pandemic hit the U.S. in March 2020. The regression surprised economists, who had expected a small uptick this month,
