Great Lakes Wire

The Small Business Briefing held on March 24, 2025, covered several critical topics impacting small businesses. The session was led by Brian Calley and Kelli Saunders, who provided detailed insights into various issues such as the Corporate Transparency Act, Federal Reserve interest rate decisions, tariffs, state-level road plans, and the 2026 election watch.

During the briefing, it was highlighted that a new interim final rule under the Corporate Transparency Act limits reporting requirements primarily to foreign companies operating in the United States. On monetary policy, it was noted that although no immediate interest rate cuts were announced by the Federal Reserve, future reductions are anticipated due to a slowing job market.

In terms of trade policy, current tariffs on steel and aluminum remain at 25%, while those on Chinese imports are set at 20%. There is an expectation of reciprocal tariffs being implemented with Canada and Mexico soon. On infrastructure spending, modest increases in road funding are projected with a focus on reallocating existing state funds rather than introducing new taxes.

Looking ahead to political developments for the 2026 elections, early polling indicates John James and Tudor Dixon as leading Republican contenders for governor. Among Democrats, Jocelyn Benson appears to be a frontrunner.