North Carolina

North Carolina's economy has transformed from tobacco and textiles to biotech and banking, but tariffs threaten both the old and new. The Research Triangle's pharmaceutical cluster — Novo Nordisk's $11B Clayton expansion, Merck, Pfizer, and 700+ life science firms — exports globally while importing APIs and equipment subject to tariffs. Tobacco, once the state's defining crop, still generates significant export revenue and is a prime retaliation target for Asian nations. The state's hog industry (NC is #2 nationally behind Iowa) faces crippling retaliatory tariffs from China and Mexico on pork exports. BMW-adjacent auto suppliers and a Volvo Trucks plant in the Triad depend on global parts now tariffed at 25%. Charlotte's banking giants — Bank of America and Truist — face indirect impacts as trade uncertainty reduces lending and investment activity. North Carolina's furniture industry in High Point, which once lost thousands of jobs to Chinese imports, sees some relief from tariffs on Chinese furniture but faces higher costs on imported hardware and materials. The state's sweet potato industry (NC grows 60% of US sweet potatoes) faces retaliatory tariffs in European markets.