Featured Post from Cedarville University

Preparing for Tariffs

Dec 9, 2024

2 min

As President-elect Donald Trump prepares to take office in January, many business owners are preparing for his proposed economic plan to install tariffs on all imported goods. He has also spoken of a plan to add additional tariffs on imports from countries such as China. There is concern that imposing such tariffs would raise the cost of everyday goods in the United States. Looking forward, what are the potential risks and benefits of Trump's tariff plan?




Economics expert, Dr. Jared Pincin, recently weighed in on this discussion. Here are three key details from his latest interview:


  • A tariff is a tax on imports. Trump has stated that on his first day in office, he will put a 25% tax on all products coming in from Canada and Mexico. Will this effectively raise revenue without impacting consumers?
  • If these tariffs are actually put into place, Pincin states that they do have the potential to put upward pressure on prices. How would this affect not only consumers, but also business owners? And what can business owners do to prepare for this possibility? 
  • Trump has proposed that tariffs will deter the flow of illegal drugs into the United States, with tariffs putting pressure on countries like Mexico and China. What is the chance that these countries react with their own retaliatory tariffs?


If you are covering the the U.S. economy during the Trump administration and need to know more, let us help with your questions and stories.


Dr. Jared Pincin is an expert on economics and is available to speak to media regarding the Trump administration and the economy – simply click on his icon or email mweinstein@cedarville.edu to arrange an interview.


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