Source: ITR Economics
While business leaders are struggling with uncertainty amid the developing state of tariffs, stay informed and plan to mitigate potential challenges.
The state of tariffs is actively evolving within the US economy, and the fluidity is causing many to feel like they are stuck waiting before moving forward with plans. We will continue to report on this developing situation; for now, let’s look at what we know and what we can expect based on what has been announced so far.
Key Takeaways
- Even with 25% tariffs on all goods coming from Mexico and Canada, all steel and aluminum, and an additional 10% tariffs on all goods from China, the US economy will continue to grow.
- Tariffs will ultimately be inflationary for the broader economy, but the immediate price impact will be more microeconomic.
- Some of our clients will clearly benefit from the tariffs, at least initially.
- Some of our clients will need to find a way to work through issues posed by the tariffs.
- Retaliations will ensue.
When President Trump’s 25% steel tariffs were enacted in 2018, we kept our clients informed of changes coming to steel prices and continued to forecast prices so that our clients could plan accordingly. As new tariffs are put in place, we will remain committed to keeping you updated and bringing you the forecasts you rely on to run your business.