Proposed Tariffs Could Have Significant Impact in the Northland
The proposed import tariffs are 25 percent on steel and 10 percent on aluminum.
DULUTH, Minn. – Experts are saying the president’s tariff could have a massive impact on our region.
We spoke with a University of Minnesota Duluth (UMD) Economics Professor about the possible impact on consumer prices.
“The only one who would gain are companies that are being protected, but protection is not the best way to make the economy better,” said UMD Economics Professor Bedassa Tadesse. “The best way is to make the companies compete.”
He says your dream car would cost you more as well as the groceries to feed your family if the current plan goes through.
“There are times when we can justify tariffs when products are being sold in our local market by foreign companies at a lower price than they can produce them,” said Tadesse.
Several steel producers in Minnesota are among businesses which could see a positive impact of the tariffs.
But the overall effects won’t be known until if and when the tariffs are implemented.