President Donald Trump addresses a joint session of Congress on March 4, 2025. White House Photo / Handout

With the potential for more tariffs to be announced on Wednesday, business leaders in Massachusetts are growing concerned about how it will affect local business.

President Donald Trump is set to announce a new wave of tariffs Wednesday afternoon that could see costs passed on to consumers and businesses, alike. The Budget Lab at Yale University estimates that a 20 percent universal tariff, as the president has hinted he would implement this afternoon, would cost the average household an additional $3,400 to $4,200.

Ahead of the official announcement of the new tariffs, Associated Industries of Massachusetts President and CEO Brooke Thomson released a statement expressing concern about how the tariffs will affect businesses.

“The 3,400 member companies of Associated Industries of Massachusetts remain concerned that the global tariffs contemplated by the Trump Administration will be counterproductive to Massachusetts businesses, which export some $77 billion worth of goods and services each year to 210 markets globally,” Thomson said. “These exports support one of five jobs throughout the commonwealth. Any manufacturing re-shoring that takes place as a result of tariffs is unlikely to benefit Massachusetts while retaliation by important export markets will impede our collaborative efforts to expand the state’s economy.

The new tariffs, coming on what Trump has called “Liberation Day,” are a bid to boost U.S. manufacturing and punish other countries, according to the president.

Associated Press staff writer Josh Boak contributed to this story