Economists warn that tariffs promised by President-elect Trump could dampen long-term economic growth, but short-term impacts show complexity. Companies are accelerating imports to avoid anticipated tariffs, potentially boosting GDP temporarily. Joe Brusuelas, chief economist at RSM, forecasts a 0.2% GDP increase this quarter, reversing in later quarters. The Port of Los Angeles reports historic cargo volumes as businesses hoard inventory, reminiscent of 2018's pre-tariff surge. Long-term implications may drive shifts in global supply chains, with some firms reshoring production while others absorb or pass on higher costs.
Category
đź—ž
NewsTranscript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Economists warn that tariffs promised by President-elect Trump
00:05could dampen long-term economic growth, but short-term impacts show complexity.
00:10Companies are accelerating imports to avoid anticipated tariffs,
00:13potentially boosting GDP temporarily.
00:16Joe Bercelus, Chief Economist at RSM, forecasts a 0.2% GDP increase this quarter,
00:22reversing in later quarters.
00:24The Port of Los Angeles reports historic cargo volumes, as businesses hoard inventory
00:28reminiscent of 2018's pre-tariff surge.
00:32Long-term implications may drive shifts in global supply chains,
00:36with some firms reshoring production while others absorb or pass on higher costs.