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V O L . X X X I N O. I I I F E B R UA R Y 1 0 , 2 0 2 5 10 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E and volunteer efforts in Maine and across the U.S. The Maine Community Foundation in Ellsworth said that 12 nonprofit lead- ers from across the state were award- ed grants from its Investing in Leaders of Color program, which provides one-on-one coaching, a stipend for pro- fessional development and operating costs, and networking opportunities. KeyBank donated $15,000 to Aroostook County Childcare Resource Center, an initiative of United Way of Aroostook and the Aroostook Partnership. The center supports 80 child care and day care centers in Aroostook County by helping to match child care services to community needs, provide training and resources to early child care providers, collaborate with businesses to support workforce reten- tion and raise public awareness about the importance of quality child care. Katahdin Bankshares Corp., the par- ent company of Katahdin Trust Co. in Houlton, announced 2024 fourth-quarter earnings of $1.755 million, or $0.55 per common share. For the year, net income for 2024 totaled $8.06 million, down 18.6% from the previous year; the firm cited lower net interest income and increased operating expenses as the main reasons for the decline. MEREDA's 2025 Forecast Conference Thursday, February 27 • Holiday Inn By the Bay, Portland Gold Sponsor: Register today: MEREDA.org (207) 874-0801 REGISTRATION IS OPEN NOW Expert insights. Expert analysis. Expert outlooks. • 900+ Attendees • Meaningful Networking with Industry Leaders • Approved for 4.0 hours of Broker, Architect, Appraiser, and Assessor Credits • 60+ Showcase Exhibits with Member Organizations (Sold Out) N O T E W O R T H Y M I D C O A S T & D O W N E A S T M I D C O A S T & D O W N E A S T N O T E W O R T H Y N O R T H E R N & E A S T E R N N O R T H E R N & E A S T E R N P O L I T I C S & C O. Tariffs, trade war spark worry among Maine business leaders B y R e n e e C o r d e s A looming global trade war triggered by new U.S. tariffs on Mexico. Canada and China has sparked concerns about higher prices and supply chain disruptions in Maine. President Donald Trump signed an executive "economic emergency" order imposing 25% tariffs on imports from Mexico and Canada and an additional 10% levy on goods from China. Energy imports from Canada, including oil, gas and electricity, are to be taxed at a lower, 10% rate. (The Mexico and Canada actions were later delayed by a month.) The move set off a chain of retaliatory threats and financial market reactions. Stock markets in Asia and Europe fell early Monday, and futures markets pointed to declines on Wall Street as well. The U.S. dollar rose to a two-year high, making U.S. exports more expensive abroad. "The broad and significant tar- iff imposed on Canadian imports will be par ticularly damaging to our state's economy given Maine's unique and significant trade position with Canada," Patrick Woodcock, president and CEO of the Maine State Chamber of Commerce, said in a state- ment emailed to Mainebiz. "While we welcome a comprehensive strategy to promote domestic manufacturing, we are concerned that applying a tariff to all imports will be disruptive to existing supply chains, and result in a material increase in energy costs right when Maine businesses and households are struggling with energy bills this winter," he added. Fuel costs, supply chain Amir Mousavian, a supply chain expert and an associate dean at the University of New England College of Business, warned that the new tariffs and countermeasures could weigh on Maine's economy given that Canada is its largest import supplier and export destination. In particular, the 10% tax on Canadian energy imports "could raise fuel costs across the state, driving up logistics expenses and subsequently increasing prices across all sec- tors," he told Mainebiz. He warned that key Maine experts will suffer from retaliatory Canadian tariffs, reduced demand and potential loss of revenue. "With Maine's deep economic ties to Canada, residents and busi- nesses are particularly vulnerable to rising costs and uncertainty in the supply chain of products, fur- ther straining household budgets and local industries," he said. Mike Roughton, executive director of the Manufacturers Association of Maine, said he finds it "particularly trouble- some that the administration chose to go after Maine's largest trading partner, and clear that the imposition of the tariffs would likely hurt Maine's economy by raising costs, reducing trade and threatening jobs in key industries." "The retaliatory measures promised from Canada would further strain Maine businesses and workers, particularly in trade-dependent sectors like seafood and forestry," he added. P H O T O / T I M G R E E N WAY P H O T O / C O U R T E S Y P H O T O / J I M N E U G E R Patrick Woodcock is president and CEO of the Maine State Chamber of Commerce. Shipping containers at the International Marine Terminal in Portland. Mike Roughton is executive director of the Manufacturers Association of Maine.

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