Friday Five: Coolest thing voting opens Monday as Minnesota trade faces tariff uncertainty

By Doug Loon
President and CEO
Minnesota Chamber of Commerce

Well, guess what? Public voting for the Coolest Thing Made in Minnesota contest opens this coming Monday, August 31.

If you’ve been a follower of the podcast, you know this is a fantastic annual program brought to you by the Minnesota Chamber of Commerce and its Manufacturers’ Council. This part of the contest shifts from nominations to the public vote, giving Minnesotans – you – the chance to choose their favorite products made right here in our great state.

A new bracket will be released each week leading up to the October 6 Manufacturers’ Summit + Coolest Thing Made in Minnesota Awards, so mark your calendars. There will be plenty of opportunities to follow the competition and cast your vote along the way.  

Minnesota manufacturing is incredibly diverse, and the contest highlights that. Products range from food and everyday consumer goods to medical technology, aircraft, heavy equipment and advanced manufacturing. There’s a lot being made here in Minnesota that people across the state and around the world rely on every day. And this is our chance to share their story and to get your help in identifying the Coolest Thing Made in Minnesota.

So, head to coolestthingmn.com to cast your vote starting on Monday, August 31.

Now let’s turn to the global economy, and let’s talk about global trade.

First of all, it’s important to recognize that Minnesota’s exports topped $30 billion and account for about 6% of the state’s GDP and support an estimated 750,000 jobs in the state. Minnesota companies also depend on access to global supply chains, particularly for critical inputs that aren’t easily grown, extracted, or produced here in our country or in our state.

So, trade is very important.

Now, of course, you can’t talk about trade without talking about tariffs, and much has been in the news lately about tariffs. It’s important to recognize that tariffs can be an important tool to protect some commodities in narrow circumstances, but large countrywide tariffs like we’re seeing can create uncertainty here in Minnesota.

Keep in mind that Minnesota trades extensively with our neighbor to the north – Canada. It is a critical part of our state’s economy. Businesses on both sides of the border need certainty to make investments, hire workers and plan for the future.

We’ve got to keep an eye on this important issue. Retaliatory tariffs of this magnitude can add costs and create even more uncertainty for businesses that are already navigating a complicated global economy.

With that being said, our message is to encourage both countries to get back to the negotiating table and work out a stable, predictable trade relationship that is certainly important for our businesses, workers and communities across both sides of the border.

While on that topic, Minnesota businesses need resources to help them navigate these changes and compete in global markets. So, the Minnesota Chamber is stepping up, and our Grow Minnesota team is on point in helping prepare a new report – a new export guide that will be released next week, providing practical information for businesses looking to export and strengthen their international trade footprint.

The guide is yet another example of how the Chamber is helping businesses not just respond to challenges but find opportunities to grow. For a state with such a strong manufacturing and export base, helping Minnesota companies reach customers around the world is an important part of growing our economy and important for the Chamber.

So be sure to check back to the Chamber’s website for resources on trade next week. The Chamber will also be sitting down with the U.S. Export Import Bank (EXIM) to discuss international trade and export opportunities.

We’ll be talking with the EXIM Bank for an upcoming episode of the Minnesota Business Podcast so listeners can hear firsthand more about the resources available to Minnesota companies competing in the global marketplace.

Whether it’s helping manufacturers navigate tariffs, connecting businesses with export resources, or showcasing the products made right here through our Coolest Thing Made program, for example, the Chamber’s goal is always the same: help Minnesota businesses compete, grow and create opportunity in our state.

So once again, Coolest Thing Made in Minnesota contest votes start next week. Tune in and check out the Chamber’s website for more on everything that we do to support you.

Thanks again for your support, and we look forward to connecting with you on next week’s Minnesota Business Podcast. Have a great weekend!