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Maine's GDP, R&D spending both on the rise, but labor is a serious concern, report says

Laurie Schreiber 11 hours ago

The Maine Economic Growth Council’s 'Measures of Growth' report tracks 31 indicators of the state economy, providing a resource for policymakers and business leaders.

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Today's Poll

Are you worried how the higher U.S. tariffs proposed by President-elect Trump could affect your business?
Poll Description

With the election of Donald Trump to a second term as president, it seems likely that the United States will impose major new tariffs on imported goods and materials.

A tariff is a tax, of course — though not truly a sales tax, as it's been called. For American businesses and consumers, however, the effect could be the same.

Under Trump's plan, businesses would have to pay a tariff of 10% to 20% on anything they import, and as much as 60% on imports from China. Typically, such extra costs get passed along to customers in the form of higher prices.

When other countries retaliate with tariffs of their own on U.S. exports, the impact on prices is compounded.

The Peterson Institute for International Economics, a nonpartisan think tank, issued an analysis in September of what all this could mean.

Among the findings: "Assuming other governments respond in kind, Trump’s 10 percentage point increase results in U.S. real GDP that is 0.9 percent lower than otherwise by 2026, and U.S. inflation rises 1.3 percentage points above baseline in 2025."

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2024 Fact Book: Doing Business in Maine

Fact Book: Doing Business in Maine showcases Maine's many economic development opportunities and the attributes that make Maine a special place to work, live and play. For companies in Maine, and for companies who are looking to relocate or expand into Maine, the Fact Book: Doing Business in Maine is a great resource on Maine market stats and facts. Mainebiz has expanded the information we provide to give company owners and senior managers data and statistics from sources on a national, statewide, regional and local basis to provide the business community with a clear picture of the Maine marketplace.
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