Three Things to Know: July 11th

This week's information compiled by your SC Chamber team includes: 
S.C. Ranks 18th in CNBC’s Best States for Business Rankings, Tariff Pause Extended, Help Shape Roadmap for S.C.’s Economic Future by Taking this Important Survey!

 1. S.C. Ranks 18th in CNBC’s Best States for Business Rankings

South Carolina improved its ranking in the 2025 version of CNBC’s annual America’s Top States for Business Rankings by one spot to 18^th overall, which were released this week. Since being ranked 39^th overall in 2021, South Carolina has improved its ranking by 21 spots with a 36^th overall ranking in 2022, a 27^th overall ranking in 2023, a 19^th overall ranking in 2024, and this year’s 18^th overall ranking. The rankings measure each state on 135 metrics in 10 key categories of competitiveness like infrastructure, workforce, economy, cost of doing business, quality of life, etc.

States across the Southeast performed well, with North Carolina (1^st), Florida (3^rd), Virginia (4^th), Georgia (7^th), and Tennessee (8^th) all ranking in the top 10.

The categories in which South Carolina excels include economy (10^th), workforce (12^th), and cost of living (16^th). The state notably improved its rankings in education (going from 28^th to 14^th) and technology & innovation (going from 28^th to 21^st).

Disappointingly, South Carolina was only ranked 28^th in the cost of doing business metric, declining from 10^th in 2024. Infrastructure also took a hit, falling from a ranking of 11^th last year to 21^st this year. Other areas where South Carolina performs poorly include access to capital (30^th) and quality of life (39^th).

More information on South Carolina’s performance in this year’s CNBC rankings can be found here and the methodology can be found here.

2. Tariff Pause Extended

This week, the Trump administration extended the 90-day pause that was put in place in April for countries to reach trade deals with the U.S. or face additional tariffs up to 40%. This extension keeps the baseline 10% reciprocal tariffs in place pushes the effective date of additional tariffs to August 1, excluding China.

Letters sent to other countries this week outlined the new additional tariffs that would go into effect on August 1. The difference between the new tariffs and those threatened in April can be found here. The tariff rates for the 23 countries targeted so far range from 20% to 50%. Notable countries to receive letters this week include Brazil, Canada, and Japan.

The United Kingdom (UK) and Vietnam were the first countries to negotiate trade deals with the United States that would keep the UK at a 10% baseline tariff and Vietnam at 20% The Trump administration has hinted that more deals may be announced soon. The U.S. and China continue to work towards a trade agreement.

Separately, the administration has also levied tariffs of 25%-50% for imported steel, aluminum, automobiles, and automotive parts. Now, it is considering more specific tariffs on copper, pharmaceuticals, semiconductors, and lumber.

Update: On Saturday, the Trump administration that it would levy 30% tariffs on goods from the European Union (EU) and Mexico on August 1 should no trade deal be reached by then.

3. Help Shape Roadmap for S.C.’s Economic Future by Taking this Important Survey!

South Carolina is at a pivotal moment in its economic history. With a booming economy and unprecedented levels of population growth, the future of the Palmetto State depends on strategic, thoughtful planning that will sustain growth, attract investment, and ensure prosperity for generations to come.

The SC Chamber is committed to driving the state’s economic success by championing policies that support business growth, innovation, and a strong and resilient workforce, which is why we have partnered with Grant Thornton Advisors to develop Blueprint 2035 – A Roadmap for South Carolina’s Economic Future, a comprehensive and actionable economic growth plan designed to secure South Carolina’s position as a leading economic force in the United States.

To ensure that the Blueprint reflects all voices and needs of the state’s business community and secures economic success for all South Carolinians for generations to come, we have launched a survey to be answered by C-suite executives that have intimate knowledge about company operations, economic development incentives and other state resources, growth strategies and opportunities, and a general understanding of issues affecting their ability to do business in the state.

The valuable data collected from this survey will be used in the development of the Blueprint and may take up to 20 minutes to complete. Take the survey today!