President Donald Trump’s economic policies are having a direct impact on Wisconsin trade, leading to decreasing imports and economic uncertainty, according to local trade and business experts.
During a
Wisconsin Policy Forum webinar held Friday, researchers from the organization took a closer look at the state’s trade data.
In the past decade the number of imports and exports have trended in opposite directions, according to
Tyler Burns, researcher at the Wisconsin Policy Forum.
In 2024, Wisconsin exported $27.5 billion worth of goods, which is equivalent to 8% of the state’s GDP. That was down by approximately $4 billion from peaks in both 2020 and 2012.
Wisconsin residents bought approximately $38.9 billion worth of imported goods in 2024, which is about 8.6% of the state’s GDP and $11 billion more than Wisconsin’s export total. Since 2016, Wisconsin’s imports have grown by about 30%.
Most of Wisconsin’s exports are shipped to Canada. The country bought $8 billion worth of Wisconsin goods in 2024.
"That shows how important this trade relationship is for the Wisconsin economy," said Burns.
The state’s exports are down almost 20% since 2013, which follows a trend seen in other Midwestern cities like Cleveland and St. Paul, according to Burns.
Aaron Annable, consulate general of Canada, said one the Canadian prime minister’s top priorities is securing a new economic partnership with the United States. Canada would eventually like to negotiate tariff-free trade, according to Annable.
"Wisconsin's supply chains with Canada are very reliable... often long-standing companies who have been doing business together for years, and that's something that's built up over time,” said Annable. “With the uncertainty around these tariffs and wherever they may end up, some of that may be at risk.”
Canada is a “huge” trading partner for Wisconsin, according to
Jackie Carter, director of
Port Milwaukee.
Port Milwaukee ships large quantities of salt from Canada, along with large amounts of steel from Europe. The port also exports agricultural products via its recently completed
agricultural maritime export facility.
Right now, Canadian exports of salt at Port Milwaukee are down 59% compared to 2024. Overall, Port Milwaukee’s tonnage through May is down 30% from a year ago.
“That tells you there’s some nervousness, some uncertainty,” said Carter.
She said in the coming months, it will be increasingly difficult for Wisconsinites to get the products they need at the prices they’ve become accustomed to.
“No matter if you’re in the business (world) or not, at some point, these prices are going to hit all of us,” said Carter. “We want to be mindful of it.”
Dale Kooyenga, president of CEO of
MMAC, said President Trump’s economic policies have Wisconsin headed in the wrong direction. Most businesses in the Milwaukee area continue to express concerns regarding tariffs, he explained.
"(Trump) believes that tariffs lead economic growth. That's not a bluff, and he's just wrong about that. It is a large consensus of mainstream economists from both the right and the left,"
said Kooyenga.
Local businesses are also growing increasingly concerned about the possibility of backlash from other countries, particularly Canada.
A Milwaukee-based architectural firm told Kooyenga that a Canadian company they had worked with for 25 years has taken steps to “assess” other relationships.
“The concern isn’t even the policy itself, just the tone,” said Kooyenga.
