BUSINESS.
THE STEEL AND ALUMINUM TARIFFS ON THE WHITE HOUSE.
WHAT IMPACT COULD THEY HAVE A NEW HAMPSHIRE?
FIRST, LET US REMIND YOU ON WHAT THIS IS ABOUT.
IN EFFECT THIS WEEK, THEY GO IN EFFECT.
25% TAX ON ALUMINUM, 10% ON -- 25% ON DEAL, 10% ON ALUMINUM.
TARIFFS ARE TO BE REMOVED IN THE COUNTRIES AUDITS ARE NOT -- THE COUNTRY CHECK OUR PRODUCTS ARE NOT THREATEN NATIONAL SECURITY.
CANADA, MEXICO, IRELAND AND GERMANY ARE THE TOP EXPORTING COUNTRIES FOR NEW HAMPSHIRE WHICH MEANS THAT MACHINERY, INDUSTRIAL AND ELECTRICAL, SPACECRAFT COMPONENTS ARE
AFFECTED.
THE COMMISSIONER OF BUSINESS AND ECONOMIC AFFAIRS FOR THE STATE OF NEW HAMPSHIRE IS HERE TO TALK ABOUT THIS.
FRED: WHAT IS THE IMPACT?
>> IT IS PROBABLY NOT AS SUBSTANTIAL AS IN OTHER PLACES, BUT I THINK THE LONGER-TERM CONCERN THAT WE HAVE IS ABOUT THE IMPACT OF THE NAFTA NEGOTIATIONS.
>> LUCKY FOR US, CANADA AND MEXICO WERE THE TOP TWO EXPORT COUNTRIES WHICH WERE EXEMPTED.
AT LEAST FOR THE MOMENT, UNTIL NAFTA IS NEGOTIATED.
BUT CHINA WAS NOT.
THAT IS ONE OF OUR TOP EXPORTING COUNTRIES, IRELAND AND GERMANY ALSO.
MY QUESTION IS, IF THEY RETALIATE WITH TARIFFS ON THEIR OWN, THIS IS WINTER HURT NEW HAMPSHIRE BUSINESSES, RIGHT?
>> IT DEPENDS ON THE DEGREE OF RETALIATION, BUT IT DEFINITELY COULD.
THERE IS A SUBSTANTIAL CONTRACT RIGHT NOW UNDERWAY BETWEEN BOEING AND CHINA TO ARCHES A NUMBER -- TO BUY A NUMBER OF AIRPLANES.
THE BENEFIT FROM THAT CONTRACT AND THAT IS STEEL AND ALUMINUM.
IF CHINA WAS TO RETALIATE, IT WOULD BE THE MOMENT WHERE WE WOULD START TO FEEL IT.
>> I KNOW THAT GOVERNOR SUNUNU AND THE ENTIRE DELEGATION EXPRESSED THEIR DEEP CONCERN TO THE WHITE HOUSE OVER THE TERRORISTS, AND THAT IS BEFORE CANADA AND MEXICO WERE EXEMPTED.
HAS THERE BEEN ANY WORD BACK FROM THE WHITE HOUSE?
>> NOT THAT I AM AWARE OF.
THE FACT THAT WE SAW AN EXEMPTION FOR CANADA AND MEXICO IS DEFINITELY A STEP IN THE RIGHT DIRECTION FOR US.
>> 20,000 JOBS IN NEW HAMPSHIRE AT LAST COUNT, THAT IS WHAT IS THE STAKE -- THAT IS WHAT IS AT STAKE, AND BUSINESSES THAT USE STEEL AND ALUMINUM.
DO YOU HAVE ANY IDEA HOW MUCH THIS WOULD COST NEW HAMPSHIRE?
A BALLPARK NUMBER?
I THINK THE NUMBER OF JOBS WE HAVE BEEN NEW HAMPSHIRE THAT HAVE AN ASSOCIATION WITH STEEL AND ALUMINUM MANUFACTURING IS ABOUT 31,000 JOBS.
THAT IS DIRECT AND INDIRECT AND IT IS A BIG NUMBER, AND I DON’T KNOW THAT THEY WOULD ALL BE NECESSARILY IMPACTED BY THIS.
OUR VIGOR COMES TURN REALLY, IS HOW THIS WILL LAY OUT OVER THE NEXT COUPLE OF MONTHS BETWEEN THE NAFTA NEGOTIATIONS.
THE COUNTRIES WHICH DO SUFFER THAT RETALIATORY TARIFF IMPACTS, IS THE STATE WILLING TO GIVE ASSISTANCE TO ANY OF THESE COMPANIES?
DO YOU HAVE ANYTHING IN MIND?
>> WE HAVE NOT HAD ANY CONVERSATIONS ABOUT THAT YET, BECAUSE WE DON’T REALLY KNOW WHAT THE IMPACT WILL THE.
THIS IS HAPPENED BEFORE.
WE HAD TARIFFS BACK IN THE 2000S, AND THE JOB LOSS WAS IN THE COUPLE HUNDREDS RANGE, SO IT IS HARD TO SAY.
>> WHAT IS YOUR DEPARTMENT DOING AT THIS POINT?
YOU ARE TALKING TO NEW HAMPSHIRE BUSINESSES OBVIOUSLY.
WE HAVE HEARD FROM QUITE A LOT OF THEM ABOUT THE IMPACT THAT THIS COULD HAVE.
IT EVEN GETS BEYOND THAT, IT IS TO THE POINT WHERE IF THE TERPS WERE TO COME IN, HOW WOULD THEY BE DONE IN A FAIR WAY?
THAT REPRESENTS ALL THE DIFFERENT ROLES THAT ARE COMPANIES PLAY THE EXPERT BUSINESS?
>> LET’S CHANGED SUBJECT REAL QUICK.
NEW HAMPSHIRE RANKS NUMBER ONE FOR ECONOMIC OPPORTUNITY AND FIFTH BEST IN THE COUNTRY ON A NUMBER OF CRITERIA FROM U.S.
NEWS & WORLD REPORT.
YOU MUST BE VERY HAPPY WITH THAT.
HE ARE THRILLED.
IT IS NOT A SURPRISE TO ANYBODY WHO LIVES HERE THAT WE ARE RANKED SO HIGH, BUT IT IS A GREAT TESTAMENT TO THE BUSINESS COMMUNITY THAT WE HAVE HERE IN NEW HAMPSHIRE AND THAT WE ARE
WORKING TO BUILD.
>> COMMISSIONER OF HIS NOSE AND ECONOMIC AFFAIRS FOR THE STATE OF NEW HAMPSHIRE, THANK YOU FOR JOINING US.
>> THANK YOU.
IF YOU WOULD LIKE TO LISTEN TO THAT AGAIN, BECAUSE IT IS GOING TO BE A HARBINGER OF WHAT IS AHEAD, GO TO THE WEBS