A key theme at the U.S. Chamber of Commerce Global Summit was the critical role of partnerships in driving future growth.
Participants, from diplomats and foreign ministers to business leaders, discussed the need for collaboration to address challenges and bolster innovation. And following the Chamber’s 2025 State of American Business, which highlighted the local impact of business and policy, the Global Summit featured three governors who discussed the importance of foreign direct investment and global trade in bolstering their states' economies:
- Gov. Andy Beshear of Kentucky
- Gov. Wes Moore of Maryland
- Gov. Glenn Youngkin of Virginia
Youngkin shared insights on the transformative power of public-private partnerships. "By holding people accountable and providing the confidence boost that a state can do to a region, you can transform an entire region," he said. Youngkin highlighted Virginia's 'Compete to Win' economic plan, which focuses on deregulation and workforce development to attract investment.
He said collaboration between public and private entities in Virginia strong and called it a "tremendous way to accelerate and create great efficiencies."
Kentucky Gov. Andy Beshear speaks during the Global Summit
Virginia Gov. Glenn Youngkin speaks during the Global Summit
Maryland Gov. Wes Moore speaks during the Global Summit
Beshear highlighted the severe impact of tariffs on Kentucky's businesses, emphasizing that both large and small enterprises are affected. "The impact is significant and has the potential to be severe. And it’s not just big business; it’s small business too," he said. Beshear illustrated the complexity of supply chains with Martinrea, an auto parts manufacturer in Kentucky, explaining, "The parts go from their Canadian facility to their facility in Hopkinsville, KY, to a facility in Mexico and back again. And you can see how these tariffs would almost be exponential on a company like that."
He also pointed out the struggles of a smaller HVAC company in the area, which faces potential layoffs due to rising costs from sourcing parts domestically instead of from China. Beshear criticized the unpredictable nature of tariff policies, saying, "First, it was going to be tariffs on Canada and Mexico. Then it was going to be reciprocal tariffs. And then it was going to be industry-specific tariffs. I don’t know what it’s going to be tomorrow, but this constant change in rationale and approach has every business...facing challenging and stressful times."
Beshear warned that Kentucky could be disproportionately affected, with a potential $4,700 hit to an American family’s budget. He noted the bipartisan opposition to tariffs in Kentucky, stating, "If Rand Paul, Mitch McConnell, and I agree on something, it means we’re right." On tax reform, he emphasized the need for balance, saying, "Life and good policy is all about balance. Having that balance that provides the services that are needed for our people and also encourages growth."
Moore said that when public and private entities work together, success follows.
“The reason I believe so deeply in public-private partnerships is because it’s the only thing I’ve ever known," he said. "It’s how can you leverage assets from different sectors to create an incentive package to create progress.
"Watch various entities and industries be able to invest collectively, leverage one another, and I think that’s when you can have that shared success," he said.
