DT #548 The Impact of increased U.S. Tariffs on International Trade and the U.S. economy - David Gantz
Develop This: Economic and Community Development
Release Date: 03/19/2025
Develop This: Economic and Community Development
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Summary In this episode of Develop This, Dennis Fraise speaks with , president of the in Canada. They discuss the historical ties between the Canadian and US automotive industries, the integration of the North American auto supply chain, the current state of tariffs and their impact on the industry, and the future of the Canadian auto parts sector. Flavio emphasizes the importance of collaboration and understanding between the two countries to navigate the complexities of trade and tariffs. Takeaways Flavio Volpe is the president of the APMA, representing Canada's automotive sector. The...
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Summary This Develop This! episode delves into the complexities of tariffs and their impact on the can manufacturing industry in the United States. Dennis Fraise hosts R, CEO and Chairman of the Board of the , and , President of the , to discuss the historical context of tariffs, the current state of the industry, and the challenges faced by manufacturers. The discussion highlights the importance of understanding how tariffs affect not only businesses but also consumers and the potential for reshoring manufacturing in the U.S. amidst ongoing economic challenges. Takeaways Tariffs...
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info_outlineSummary In this episode of Develop This Podcast, Dennis Fraise interviews David Gantz, a trade law expert, to discuss the current state of tariffs and international trade. They explore the chaotic nature of recent tariff threats and implementations, the historical context of trade agreements like NAFTA and USMCA, and the implications of new tariffs on trade relationships with Canada, Mexico, and China. The conversation delves into the impact on consumers, manufacturing, and the long-term effects on US relations with Canada, Mexico, and China, as well as the greatly diminished role of the WTO in global trade.
Takeaways
- The current tariff situation is chaotic and rapidly changing.
- Historical tariffs like the 1930s Hawley-Smoot tariff are comparable to today's tariff levels on goods from Mexico, Canada, and China.
- NAFTA and USMCA have significantly shaped and improved trade relationships in North America for more than 30 years.
- New tariffs undermine and conflict with existing trade agreements such as the USMCA. Manufacturing shifts are influenced, inter alia, by tariff policies, both economic and political pressures, and the costs of altering supply chains.
- Consumers may face immediate price increases on their purchases due to tariffs imposed on Mexico and China generally, and imports of steel and aluminum from all foreign sources.
- Retaliatory tariffs from trading partners will escalate tensions and further disrupt trade.
- Long-term damage to US-Canada relations may take decades to repair.
- China is actively seeking new trade partnerships to mitigate US tariffs.
- The WTO's influence is waning as the U.S. and other countries pursue unilateral trade policies that conflict with basic WTO obligations.