President Donald Trump has imposed tariffs on goods from Mexico, Canada, and China, the U.S.'s largest trading partners, with additional tariffs expected on other countries as soon as April.
Under pressure from U.S. automakers, tariffs on cars from Canada and Mexico have been suspended for one month.
In retaliation, China imposed tariffs on U.S. agricultural products, including chicken, corn, soybeans, and fruit. Canada has also announced tariffs on electricity exported to several U.S. states.
In response, President Trump imposed additional tariffs on Canadian steel and aluminum. His administration has stated that these measures are intended to address unfair trading practices and national security concerns.
Monday on the "Sound of Ideas," three local economists will explain the impact of the on-again, off-again tariffs and their impact on the local economy.
Later in the hour, the uncertainty surrounding President Trump's economic policies continues to affect the stock market and global supply chains, with economists warning of potential negative impacts on consumers.
The S&P 500 has fallen more than 10% from its record high, losing over $5 trillion in the last three weeks. The escalating trade war appears to be fueling market volatility, but the Trump administration has downplayed the recent developments.
Last week, Treasury Secretary Scott Bessent stated he was focused on the "real economy" and was not concerned about the recent market volatility.
Our Northeast Ohio experts will talk about the stock market volatility and how it impacts the economy.
Guests:
- Kevin Jacques, Ph.D., Professor of Finance, Analytics and Economics, Baldwin Wallace University
- Sucharita Ghosh, Ph.D., Chair, Professor of Economics, University of Akron
- Bill Kosteas, Ph.D., Dean, College of Graduate Studies, Professor of Economics, Cleveland State University
