An economist warns that appliance makers like Whirlpool can expect to be hit with higher costs thanks to the new tariffs.
The Trump administration announced a new 25% tariff on all steel and aluminum imports into the U.S., which could drive up the costs on a number of products nationwide.
Dr. Brian Long at Grand Valley State University’s Seidman College of Business tells WSJM companies like Benton Harbor-based Whirlpool that use a significant amount of steel in their products will likely absorb higher costs. That could result in higher prices for both the maker and the customer.
Over the long haul, Long says there is a chance that cost increases could push the country into a recession.
3 comments
Blah, blah, blah. Money moving from taxes to tariffs, steel moving from imported to made in the USA…sounds like it will work out the better for us. As far as the economic cycle goes; stuff happens, it happens all the time.
Gee, which is worse: a short term hike in prices while domestic manufacturing ramps up, or a long term loss of jobs as more and more manufacturing moves overseas.
Derp.
This “economist” isn’t worth the name.
It will force more manufacturing back to the US. That’s a win for the American people.