President Donald Trump’s tariffs threaten Louisiana businesses, says Jay Lapeyre, CEO of Harahan-based Laitram, in an opinion piece for MarketWatch.
“My home state of Louisiana is Trump Country,” Lapeyre writes. “Donald Trump’s promise to put America first and protect Americans from foreigners seeking unfair advantages, be it through immigration or trade, resonates deeply here.”
Trump’s achievements in deregulation and reduced taxes have improved prosperity and economic opportunity for all Americans, Lapeyre adds.
“The irony is that Trump’s trade tariffs jeopardize that progress and uniquely weaken Louisiana,” he writes. “With its heavy reliance on trade, its role as a home to agriculture and manufacturers, and its major ports at the mouth of the Mississippi River.”
Lapeyre says tariffs leave the U.S. at a disadvantage when it comes to equipment manufacturers like Laitram, and the uncertainty of the future of tariffs makes it even worse.
“With 25% import tariffs on foreign steel, we experienced an immediate 12%-14% increase in our steel prices, so foreigners now have access to cheaper steel and can offer domestic and foreign customers better prices,” Lapeyre writes.
Complex manufacturers and services are particularly vulnerable to the impact of tariff-induced price swings, he adds.
“What if our lost growth is a canary in the coal mine that becomes a downturn taking many months and years to repair?” Lapeyre writes.
