Issue 11.34

August 29, 2025

EPISODE 26 | TRADE UNDER PRESSURE

FEATURING CARLA STONE AND DAVID MATHE

Tariffs are one of the hottest topics in business right now—shifting from week to week, sparking debate, and creating uncertainty for companies across the globe. In this episode of the Delaware Deep Dive, Kelly is joined by Carla Stone, president of World Trade Center Delaware, and David Mathe, director of Export Delaware, to explain what tariffs are, why they matter, and what resources Delaware companies can utilize to navigate this rapidly-changing situation.

Listen to the episode on your favorite streaming platform >

Check out past episodes of the Delaware Deep Dive podcast >

NAVIGATING TARIFFS

A SURVIVAL GUIDE FOR DELAWARE'S GLOBAL BUSINESSES

For many Americans, President Donald Trump’s tariff policies have made it clear just how dependent we are on international trade. At World Trade Center® (WTC) Delaware, where trade is our middle name, we know something about this.

Global networks like the World Trade Centers Association® (WTCA) — an international trade organization connecting more than 300 WTC locations in nearly 100 countries and territories, including WTC Delaware — provide us with resources to help companies navigate the new economic landscape created by U.S. tariff policies. Read more >

U.S. RECIPROCAL TARIFF RATES

The Trump administration has rolled out dozens of reciprocal tariffs in the last month after extended delays, escalating the trade war as the economy shows signs of slowing. Tariffs range from 10% to 50%, with countries not on Trump’s list facing a 10% baseline rate. Canada’s rate jumped to 35%, though goods under the USMCA remain exempt; Mexico’s 25% tariff was extended with the same exemption. Brazil and India both face 50% tariffs. The U.S. rate on China currently stands at 30%, with a planned increase to 125% paused for another 90 days. Read more and view interactive map >

FAST FACT: Altogether, Trump’s imposed tariffs would raise $2.3 trillion in revenue over the next decade on a conventional basis and reduce US GDP by 0.9 percent, all before foreign retaliation. However, in total, the imposed tariffs would reduce market income by 1.5 percent in 2026 and amount to an average tax increase per US household of $1,254 in 2025 and $1,588 in 2026. Read more >

MESSAGE FROM THE PRESIDENT

Tariffs are among the oldest taxes on the planet, and among the easiest to collect. Position the tax collectors on the docks, and don’t let the goods leave port until the duty has been paid. The imposition of tariffs also led to smuggling because, hey, cheating the tax man is nothing new! The earliest history of our country is filled with stories about tariffs and smuggling. According to “Tariffs in American History” by John Steele Gordon, “Rhode Island, with its long coastline and its many small harbors, was the epicenter of colonial smuggling.” Read more >

A GOLDEN OPPORTUNITY

In recent years, gold and silver have re-emerged as prominent safe-haven assets, driven by growing concerns over persistent inflation and escalating global trade tensions. As inflation proves more stubborn than anticipated and geopolitical frictions manifest through tariffs, gold’s role as a store of value is becoming increasingly relevant. Read more >

FOOLS GOLD

When faced with an uncertain macroeconomic environment, investors often seek out assets that can provide a degree of “safety,” and often, gold rises to the top of the list. As investor concerns mount about market volatility and the long-term effects of outsized fiscal debt levels, there has been a marked increase in client inquiries for our perspective on gold as an investment asset. Read more >

NAVIGATING MARKET CHALLENGES

In today's economic landscape, where terms like “recession” and “tariffs” dominate discussions, investors must be more strategic than ever to navigate market volatility and capitalize on pockets of opportunity. By focusing on resilience and leveraging diverse investment tools, investors can work toward their wealth goals even amid uncertainty. Read more >