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Trump probes lumber, timber imports for potential tariffs; names furniture as derivative product
WASHINGTON – Does the U.S.’ reliance on imported lumber and timber constitute a threat to national security? That’s what the Trump Administration aims to find out through a new executive order. “The wood products industry – composed of timber, lumber, and their derivative products (such as paper products, furniture, and cabinetry) – is a critical manufacturing […]
Speyside Bourbon Cooperage in Smyth lays off 75 workers
Speyside Bourbon Cooperage in Atkins will lay off 75 employees at the end of April due to slowdowns in the bourbon industry, according to a Worker Adjustment and Retraining Notification (WARN) letter dated Feb. 28. Speyside plans to end second-shift production and third-shift maintenance at the Smyth County facility. Laid-off workers may be recalled “as […]
Trump’s steel, aluminum tariffs could impact Va. economy
President Donald Trump imposed 25% tariffs on steel and aluminum imports Monday. Now, the world waits to see what impact they will have. “If you look at the behavior of investors, investors are signaling again that they don’t believe these tariffs will be long-lived,” said Bob McNab, chair of Old Dominion University’s Department of Economics […]
US trade war could raise prices, economists say
Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau managed to separately negotiate a monthlong pause on Monday with U.S. President Donald J. Trump on a trade war that was scheduled to begin on midnight Tuesday. However, as of late Monday afternoon, the Trump administration was still prepared to impose a 10% tariff on […]
Trump White House says tariffs will be enacted Feb. 1
The Trump administration says it will impose tariffs on Canada, Mexico and China beginning Saturday, Feb. 1. “The president will be implementing tomorrow 25% tariffs on Mexico, 25% tariffs on Canada and a 10% tariff on China for the illegal fentanyl that they have sourced and allowed to distribute into our country, which has killed […]
White House decisions weigh heavily on Va., Hampton Roads economies, experts say
While federal workers ponder taking a buyout offer from President Donald Trump and a now-rescinded federal funding freeze memo caused confusion and worry over the status of major economic development projects in Virginia, economists at Old Dominion University say uncertainty in Washington, D.C., is the major factor affecting the state’s and Hampton Roads’ economic futures […]
Banking and finance experts optimistic but cautious regarding new administration’s impact
The banking and finance industry could see gains under the incoming federal administration, those in the field say, with President-elect Donald Trump’s proposed plans of a lower-interest-rate environment coupled with lighter regulatory oversight on the horizon. They also note, however, that many proposals may never come to fruition or take some time before their impacts […]
MADE IN THE USA: What Trump presidency could mean for manufacturing
When a new presidential administration is elected, the future becomes a guessing game. In the four years following Donald Trump’s ascendancy to the presidency on Jan. 20, businesses and consumers will be forced to adjust to new policies affecting supply chain and distribution channels, which could create opportunities and challenges for the U.S. economy. For […]
Talking turkey: Va. is nation’s sixth largest producer
As we prepare to sit down to a turkey dinner on Thanksgiving, let’s consider where those birds come from and where they’re going. Virginia raises 7.1% of all U.S. turkeys, or 15.5 million turkeys a year, according to a new study by Trace One using U.S. Department of Agriculture data. That’s 429 million pounds of […]
