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Tariff pause a relief for economic development efforts

A scenic view of the Peace Bridge
File Photo
/
WBFO News
A scenic view of the Peace Bridge

There was a collective sigh of relief within the region's economic development community late Monday when a 30 day pause on tariffs between the US and Canada was announced.

The two countries are major trading partners. In the Buffalo Niagara region alone, $241 million worth of goods crosses over the Peace Bridge and Lewiston-Queenston Bridge every day.

And, in parts of the region, more than 27,000 people have jobs connected to the U.S.-Canada trade zone that extends from Toronto deep into Western New York.

The tariffs could have put a major dent in some cross-border projects in the region’s economic development pipeline.

Andrea Klyczek, Niagara County Industrial Development Agency, talks about the trade impact in the region…

“I think that this is a good thing for especially for Niagara County, for our region, for all of Western New York, but especially for Niagara County, we do a lot of business with Canadian companies and local companies that are also shipping into Canada,” Klyczek said. “So, uncertainty, as you know, is not surprising to anybody, it isn't really good for the region. So, we look at this as a good first step.”

Pauses are also in place between the U.S. and Mexico.

If the Trump proposed tariffs were in place. It would have been a 25% surtax on goods coming into the U.S. and Mexico. The tariffs were due to take effect Feb. 4.

“I'm confident in our ability to pivot and work with companies in whichever direction this goes,” Klyczek

For now, there will not be a trade war between Canada and the U.S.