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New Jersey Chamber Insider

Business News, Advice and Trends

April 8, 2025

Today's Highlights

• US forges ahead with104% tariffs on China, says it's willing to talk to other countries.

• EU considers striking back with 25% tariffs on a range of US imports.

• Despite a looming trade war, Gov. Murphy will head overseas to drum up foreign business for New Jersey.

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US forges ahead with 104% tariffs on China, says it's willing to talk to other countries

The U.S. said on Tuesday that 104% duties on imports from China will take effect shortly after midnight, even as the Trump administration moved to quickly start talks with other trading partners targeted by President Trump's sweeping tariff plan. The administration has scheduled talks with South Korea and Japan, two close allies and major trading partners, and Italian Prime Minister Giorgia Meloni is due to visit next week. But the White House made clear that country-specific tariffs of up to 50% would nevertheless take effect at 12:01 a.m., as planned.Those tariffs will be especially steep for China, as Trump has ratcheted up duties on its imports to 104% in response to counter-tariffs Beijing announced last week. China has refused to bow to what it called "blackmail" and has vowed to "fight to the end." (Reuters)

EU considers striking back with 25% tariffs on a range of US imports

The European Commission is considering tariffs of up to 25% on a broad range of exports from the U.S. in response to tariffs imposed on steel and aluminum by President Trump, POLITICO reported. The EU wants to impose tariffs on a range of U.S. exports, including soybeans, sweet corn, rice, almonds, orange juice, cranberries, tobacco, iron, steel, aluminum, certain boats and vehicles, textiles and certain clothes, and various types of makeup. EU will vote on the countermeasures on Wednesday, with most tariffs expected to take effect May 16. (POLITICO)

New Jersey’s bonded debt dips to lowest level in a decade, but other state debt inches higher

New Jersey reduced its bonded debt by nearly $2 billion during the last fiscal year, dropping the total amount owed to bondholders below $40 billion for the first time in more than a decade. The state’s bonded debt – $39.7 billion as of June 30 – was included in a financial report released last month. The decline comes amid a multiyear effort by Gov. Murphy and lawmakers to prioritize debt relief after the total for such long-term obligations soared to a record-high $48.2 billion in the 2021 fiscal year. The same report tracked changes in N.J.s nonbonded obligations that include the long-term costs of government-funded pension and health benefits for retired public workers. In this category, N.J.s grand total increased by nearly $2 billion year over year. (NJ Spotlight News)

NYC congestion pricing likely to remain through at least the summer

New York’s $9 congestion toll on drivers entering the most traffic-snarled parts of Manhattan appears likely to remain through the summer and possibly into the fall as a lawsuit challenging the Trump administration’s authority to end the program moves forward. U.S. Transportation Secretary Sean Duffy had originally set a deadline of March 21 for the state to turn off the tolling program. When state officials refused, federal authorities set a new deadline of April 20. New York Gov. Kathy Hochul had said the state intended to ignore that deadline, too. Now, the two sides have decided to slow things down. (The Associated Press)

Despite a looming trade war, Gov. Murphy will head overseas to drum up foreign business for New Jersey

New Jersey Gov. Murphy will head overseas for a week-long economic mission to Gulf Arab States, including Saudi Arabia, Bahrain and the UAE. Murphy will make this trip and travel later this year to other countries – even as the Trump administration’s tariffs could spark an international trade war that could kill exports and imports to this country. The governor will leave April 25 and return to N.J. on May 3. Murphy plans to lead additional trade missions later this year to Israel, India and Mexico. (nj.com)

Cornerstone NJ Member News

Johnson & Johnson named NJ’s most coveted employer, survey finds

Johnson & Johnson was named New Jersey’s most coveted employer, according to a survey conducted by global outplacement and career development firm Careerminds. J&J provides 18 to 20 weeks of paid maternity leave, 12 weeks for all new parents, and up to $20,000 per child for adoption or surrogacy. Other benefits include on-site fitness centers, global mental health support and dual-career assistance. (ROI-NJ)

Cornerstone NJ is a membership program of the New Jersey Chamber of Commerce. 

BUSINESS MADE EASIER

Do business with fellow N.J. Chamber members — you can find them in our online directory.

Business Events

April 17 – Member Mixer (Free to members)

Control Point Associates, Warren, 5:30 p.m. to 8 p.m.

More information and register

April 22 – Business Roundtable Lunch with Senate President Nicholas Scutari

Holiday Inn, Clark, Noon to 2 p.m.

This is a special lunchtime edition of the NJ Chamber Business Roundtable Series. Senate President Scutari will discuss legislative priorities, the proposed fiscal 2026 state budget and other issues vital to the business community.

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April 23 – Networking & Baseball: Brooklyn Cyclones at Jersey Shore BlueClaws (Young Professionals Event)

ShoreTown Ballpark, Lakewood, 5:30 p.m. to 9 p.m.

More information and register

May 1 – Marketing on a Shoestring Budget in 2025 (Virtual Event)

Free Virtual Event, 9 a.m. to 10 a.m.

More information and register

May 19 – NJ Chamber Challenge Cup Golf Outing

Bedens Brook Club, Skillman, Noon

More information and register

May 21 – Business Roundtable Breakfast with Speaker Craig Coughlin

National Conference Center, East Windsor, 8:15 a.m. to 10:15 a.m.

Assembly Speaker Craig Coughlin will discuss the proposed fiscal 2026 state budget, and other issues vital to the business community.

More information and register

June 12 – 28th Annual NJ Chamber Open House and Reception

New Jersey State Museum, Trenton, 4 p.m. to 7 p.m.

More information and register

July 16 – Young Professionals Networking Mixer

CGI, New Brunswick, 5:30 p.m. to 8 p.m.

More information coming soon

Sept. 18 – Women of Inspiration Awards Reception

National Conference Center, East Windsor, 5 p.m. to 8:30 p.m.

More information coming soon

Sept. 25 – Member Networking Breakfast (Free to members)

New Jersey Audubon, Bernardsville, 9 a.m. to 10:30 a.m.

More information coming soon

Oct. 22 – NJ Chamber Legislative & Business Awards Reception

EisnerAmper, Iselin, 5 p.m. to 8 p.m.

More information coming soon

Nov. 6 – DE&I Trailblazer Awards Reception

Co-Hosted by African American Chamber of NJ and NJ Chamber

Pines Manor, Edison, 5:30 p.m. to 8 p.m.

More information coming soon

Dec. 11 – Annual Member Holiday Party (Free to members)

Calandra's Italian Village, 5 p.m. to 8 p.m.

More information coming soon

Were you forwarded this newsletter? For more information about the N.J. Chamber, email Patrick.Daily@njchamber.com.

Business Resources

N.J. Economic Development Authority

Choose New Jersey 

New Jersey Business Action Center

U.S. Chamber of Commerce

U.S. Small Business Administration

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