Financial expert says tariffs could benefit U.S. economy in the long-term
BATON ROUGE, La. (WAFB) – President Donald Trump signed one of his long-held policy promises – tariffs. The news traveled globally and quickly.
“Yesterday I was in New Orleans for a 10-year-old volleyball tournament with my daughter and as the game was going on my phone started to ping.”
That “ping” on financial advisor Mawe Takyi’s phone was the Trump administration’s announcement of 25% tariffs on Mexico and Canada and an additional 10% tariff on China.
“I started to look at the alerts and said oh my goodness… this is happening,” said Takyi.
Products spanning from imported beer to car parts are expected to see a price jump in the U.S., but Takyi says this news will make waves across many countries.
“This is wide-ranging,” says Takyi. “And you can see that for China it includes goods and services, mainly goods, that are shipped to the U.S. that are then shipped to other countries – this will have a global impact.”
According to connect2canada.com – Louisiana imports $3.2 billion annually from our country’s northern neighbor.
From Mexico? Nearly $6 billion.
Many cars and car parts come from both countries.
“I have been saving up for a new alternator – but by the time I have my money saved up the price will probably skyrocket.”
A handful of common grocery store items are also expected to see a jump in price.
“People drink a lot of Mexican beer, it’s very popular here. And obviously, everyone loves avocados and guacamole and all that, so it definitely does put a strain on the consumer.”
President Trump hopes that while certain prices may increase, the flow of illegal immigrants and drugs will begin to fall.
GDP numbers recently came in with nearly a 3% year-over-year growth, signaling a strong economy as Trump begins his second term.
Takyi says this trade move, which the Trump administration sees as a negotiating tool, may bolster the American economy in the long term.
“There may be what I think, if we look back maybe 10-15 years this effect might have actually helped the U.S. economy.”
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