Cuban has been circulating the story of an unnamed founder whose decade-old company watched $30 million in EBITDA get wiped out in two months after a 125% tariff on Chinese imports took effect. The business froze expansion and halted shipments to preserve cash.
"Just listen to what the great U.S. President Ronald Reagan, had to say about countries that impose tariffs: 'Markets shrink and collapse, businesses and industries shut down and millions of people lose their jobs.' That's what we risk in the U.S. and Canada if we don't get back to working together."
Cork-based indigenous pharmaceutical manufacturing companies have said that they are now having to establish new plants in the United States in a bid to protect jobs at home, in light of Donald Trump's ongoing aggressive tariff policy.
When tariffs started increasing last year, some of my founder friends were able to source materials from Vietnam or Mexico, but shifting production wasn't a practical option for us.
Our industry thrives in a zero-for-zero tariff environment. While distillers recognize the administration's efforts to address trade imbalances, the provincial bans have been especially damaging.
