In two weeks, a presentation to packaging industry companies will cover the economy, higher costs, new tax rules, AI, and worker retention in a shifting job market. Tariffs will not be discussed. A year earlier, the topic dominated conversations, with questions about business impacts, price adjustments, company effects, legality, and duration. Many of those issues have since been addressed. Tariff increases affected firms reliant on materials from China and India, yet most adapted. Some businesses used the situation to raise prices beyond tariff costs for added profit. Others awaited court outcomes after the Supreme Court limited presidential use of the International Emergency Economic Powers Act, leading to expected refunds. New tariffs are again in focus. With the July end of a temporary 10 percent global tariff approaching, the administration proposed rates of 10 to 12.5 percent on goods from 60 countries, including the UK, EU, China, India, and Australia, citing forced labor concerns under section 301 of the Trade Act of 1974. For most businesses, however, tariffs now draw little attention. Many owners report profits supported by consumer spending and growth. Hiring continues, and customers accept possible price rises. New tax deductions and gains from technology and AI reduce the need for increases. Court rulings have also limited executive actions on foreign aid, citizenship, and other areas, requiring compliance with judicial and legislative checks. Business owners anticipate that new tariffs will face opposition, legal challenges, and reversal. Prior tariffs were struck down, resulting in refunds despite some delays. Tariffs are viewed as temporary because the current term is more than halfway complete, and future administrations could change policy. Potential successors differ in emphasis, while Democratic candidates oppose the measures. The president is expected to highlight investment inflows, manufacturing gains, and economic results attributed to tariffs, setting aside other factors such as data centers and AI. Opponents will emphasize legal challenges and checks on executive power, pledging to reverse the policies upon returning to office. Business leaders, however, focus on current conditions rather than past disputes, noting that earlier concerns over high rates and partner conflicts have eased.
