Central Pa. business owners discuss tariffs, how to respond at conference
UNIVERSITY PARK, Pa. (WTAJ) – Penn State along with SEDA-COG hosted a conference about international business, and tariffs were one of the main talking points.
The conference aimed to give advice to Central Pa. business owners, while also allowing them to network. Tariffs and how to approach them were a big discussion point, and right now, there is a level of uncertainty about what the future holds.
'I think part of the challenge is that the tariffs seem to be changing constantly,' Director of the Center for Global Business Studies Terrence Guay said. 'They're in place, they're removed, they're pulled back, they're delayed, new tariffs are imposed in other countries, and I think that uncertainty is what makes it difficult.'
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Some fear the tariffs will raise the price of imported goods high enough that their companies will feel forced to pass the cost along to the consumer.
'If our bill materials goes up 10% to manufacture something, then we need to at least pass that on to the customer. We're not in the business of losing money,' Jeff Kanagy, co-owner of Raptor Design and Engineering, said. 'You have to, as a business, you have to make money. It has to be sustainable.'
He says the tariffs on China will specifically have 'a big impact on a lot of businesses,' including his.
Rob Bargo is VP of Operations for Videon Central, a tech company focused on providing products for streaming. He says the tariffs will raise prices for parts the company needs, and hopes that they can 'get the trade situation cleared up' soon. However, he is already preparing for a scenario where the tariffs remain active.
'We're looking at other cost savings as we absorb tariffs or perhaps one component,' Bargo said. 'How can we save in other areas to help the overall cost be as controlled as possible?'
Though, Bargo is not opposed to looking for the positives in the tariff situation.
'Depending on how the retaliatory tariffs go, there could be opportunities for U.S. based companies both domestically and internationally, depending on how it goes,' he said.
Noelle Long, director of SEDA-COG's export development program, encourages business owners that may be uncertain in the current international marketplace to reach out to her so she can help them 'wade through all that' at no charge. A page with her contact information is on SEDA-COG's website.
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