Trump’s tariff plans have made waves all around the world, including here at Temple.
Economics professor William Newmann described what a tariff is.
“A tariff is simply a tax on whoever is bringing a product into the country,” said Newmann.
He said Trump’s plan is sending many different messages.
“We’re getting conflicted messages from people, even if some people think they know what’s going on,” said Newmann.
Political science professor Alexandra Guisinger, who wrote a book about American opinion on trade, said countries around the world are feeling negative about Trump’s plans.
“You’ve heard from Australia saying, ‘This is not an action of a friend,’” said Guisinger.
And in America, she said things are likely to change.
“The last time that Trump put tariffs, we actually got higher prices on a lot of goods, even those that didn’t have a tariff on them,” said Guisinger.
Small businesses are bracing for impact as tariffs affect imports from all parts of the world.
Tria Café, a wine bar in Philadelphia, is facing massive tariffs on all foreign wines.
Owner Jon Myrowe said even with a 90-day tariff extension, businesses are left wondering how to prepare.
“You really can’t prepare when you have no idea and no one knows what’s going to happen because it might be 90 days, it might be nine days,” said Myrowe.
Tria Café has gone through multiple financial crashes, but Myrowe said this one is different.
“This was completely manmade, so that just adds another level of concern,” said Myrowe.
Professor Alexandra Guisinger also joined Christian Lee live in studio to answer a few questions about the many changes in tariff proposals.
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