Maryland Gov. Moore to lead trade and investment mission to Japan, South Korea

Maryland Gov. Wes Moore will lead an international trade and investment mission to Japan and South Korea in April. 

A trade mission allows businesses to travel to different countries to create relationships with prospective distributors, sales representatives or other partners through face-to-face meetings facilitated by government officials, according to the U.S. Department of Commerce.

The missions aim to strengthen industries in the U.S. by increasing international sales and ensuring fair trade and compliance with trade laws and agreements. 

Gov. Moore's trade mission from April 11 to April 18 will focus on the quantum, life sciences and aerospace industries. 

Representatives from the Maryland Department of Commerce, Maryland Department of Transportation, the private sector and the Secretary of State will travel with the governor to Japan for the first part of the mission before going to South Korea. 

"Japan and South Korea are two of Maryland's closest trade partners," said Gov. Moore. "And now, we are building on that strong foundation to identify new areas of common interest and mutual benefit." 

The governor's office described Maryland as an emerging global leader for quantum technology, research and innovation, life sciences and aerospace engineering, driven by academic institutions, federal research facilities and private sector investments. 

The mission should help strengthen ongoing trade partnerships and develop new opportunities for economic growth and workforce development.

"I don't leave Maryland without bringing new opportunities back with me — and this trade mission is no different," the governor said. "Our trip overseas marks the next chapter in our work to grow our economy and build new pathways to work, wages, and wealth for all Marylanders."

The trade and investment mission will also build on the state's existing economic ties with Japan and South Korea through commercial trade, import and export of goods and investments in Maryland-based companies.

"From our diverse and welcoming community, to our access to hundreds of global decision makers and foreign embassies, Maryland is strategically positioned to help international companies succeed when entering the U.S. market," said Maryland Department of Commerce Acting Secretary Harry Coker, Jr.

According to the governor's office, nearly $8 billion in commercial transactions and trade take place each year between Maryland and Japan and South Korea. 

President Trump implements tariffs

Gov. Moore's trade and investment mission comes as President Trump continues to announce and implement tariffs on imported goods such as steel and aluminum, vehicles and car parts, and other goods from Canada, China and Mexico. 

According to CBS News, the president is expected to announce more tariffs on April 2 with the goal of erasing trade imbalances with nations that export more goods to the U.S. than they import. 

A trade policy expert noted that the Trump administration aims to increase the prices on imports to entice companies to relocate their manufacturing to the U.S. 

Some Maryland-based companies have already started feeling the impacts of the tariff policy changes, like the Independent Can Company, which manufactures tin cans. 

In mid-March, the company told WJZ they would be raising prices due to the changes implemented by the Trump administration. CEO Rick Huether expressed concerns about the future of the 95-year-old company due to the 25% tariff on steel.

"The challenge is over the last 20 years, the steel companies in North America have not invested in tin plate, where other countries have," Huether said.