McConnell: Kentucky is 'extremely dependent' on international trade, hurt by tariffs
He spoke alongside Northern Kentucky business owners April 24 during an afternoon press conference at Cincinnati/Northern Kentucky International Airport, where he said his goal is to educate voters about the consequences of Trump's tariffs.
"We're sitting here today in a state that is extremely dependent upon the international trade, whether it be price coming in or trade going out," he said.
In Kentucky, 16.3% of the state's gross domestic product is reliant on exports, the third largest percentage in the country, according to a recent study by the National Association of Realtors. And imports into the state are equal to 32.3% of the state's GDP, the highest percentage in the nation.
Trump's implementation of tariffs has been widely criticized by world leaders and a dozen states announced April 23 that they're suing the president for the impact tariffs have had on economies and residents.
Alongside McConnell, business owners talked about how the uncertainty and sudden implementation of tariffs are crushing small or mid-sized businesses.
Richard Field is president of Post Glover Resistors in Erlanger, Kentucky. The company manufactures equipment for infrastructure and vehicles.
Some of the orders placed with his company aren't due for two years so the company offers fixed-firm prices. Tariffs have made that unmanageable.
For instance, one product purchased from China used to cost the company $200. Now it's $400. In any other country, the product is $600. It's not made at all in the United States.
"I'm selling for $200 whether I like it or not," he said, which means he's investing less in expansion efforts.
Rick Ross, president and CEO of Galerie Candy in Hebron, Kentucky, said he agrees that American business needs to undergo changes. But that shouldn't come at the expense of what he calls the backbone of America.
"Small business should not be collateral damage to the bigger agenda," he said. "The closures are going to happen, layoffs are going to happen, and that's just not right. We've got to find a better solution."
McConnell suggested that Congress should have the ability to have at least some say-so when it comes to the president's tariff levies.
He said, "It's not an anti-Trump thing, in my opinion, but a structural thing. Should the president have 100% of the authority in this particular area?"
He added that elected officials want to see Trump's administration be successful, but added that he doesn't think the president is getting alternate viewpoints about the tariffs from his administration.
This article originally appeared on Cincinnati Enquirer: Trump's tariff's are hurting Kentucky business, Sen. McConnell says
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