‘Well-protected': JAXPORT CEO predicts tariffs will have minimal impact on operations
The Trump Administration's 10-percent tariff on Chinese goods is now in effect and the 25-percent tariffs on Mexico and Canada could kick in within a month.
The tariffs were the talk of the town at Thursday's State of the Port presentation.
'It'll impact all ports,' said JAXPORT CEO Eric Green.
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But Green is optimistic JAXPORT is better positioned than almost any other port to weather the storm.
'There will be an impact, but it will be very minimal to us,' said Green.
Green noted JAXPORT is one of the most diverse ports in North America in terms of where products are imported from and what kind of products come in through the port.
'You have break bulk, autos, you've got containers and you have cruises. So, we see ourselves well protected when it comes to that. So, if any commodity gets hit, you know, it actually helps because we're just as strong in the other,' said Green.
Read: Carnival Cruise Line celebrates 20 years of impact in Jacksonville
For industries around the ports like Air Van Inc, which operates storage facilities and trucking operations, the threat of tariffs proved to be a boon for business in recent months.
'People stockpiling, front loading in anticipation of potential tariffs,' said Air Van Inc CEO Ike Sherlock.
Read: Cost of power line project balloons as JEA and JAXPORT work out cost-sharing agreement
Sherlock said he doesn't anticipate imports slowing, especially not for priority products like those related to the medical field, IT and fintech.
Instead, he anticipates consumers are more likely to feel the brunt of the impacts.
'I think we should all anticipate, for the short-term anyway, higher prices on everything,' said Sherlock.
Read: Potential tariffs on imported goods could affect how much you spend on everyday items
Sherlock said he doesn't anticipate the tariffs will have any major impacts on jobs around the port either.
He said he also expects any impacts to trade will likely subside once the tariffs are either lifted or become the new normal.
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