A year in, Trump’s tariffs take toll on Minnesota companies
One year after President Donald Trump imposed tariffs on nearly every nation, Minnesota companies are feeling the effects, with increased costs and layoffs. The state's exports have decreased by 14% and the manufacturing workforce has declined by 100,000 jobs since April 2025.
President Donald Trump's tariffs have taken a toll on Minnesota companies. A year after the tariffs were imposed, companies are facing increased costs and laying off workers. The state's exports have decreased by 14% and the manufacturing workforce has declined by 100,000 jobs. Minnesota soybean farmers have been affected, with China canceling the majority of US sales. However, China has started buying US soybeans again and farmers have found other markets. The trade deficit has grown, with a nearly 5% increase last month to $57.3 billion. Despite this, the stock market has hit new records in 2026 and the national unemployment rate has stayed steady. Minnesota companies have paid $3.68 billion in import fees from March 2025 to February 2026. Many companies have applied for tariff refunds after the Supreme Court ruled against Trump. Small companies have been particularly affected, with some cutting staff or hours to absorb the costs. The tariffs have led to increased prices, with the average American paying $1,000 more for goods and services.
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