Economics experts and residents react to Trump tariff announcement
SPRINGFIELD, Mass. (WGGB/WSHM) - Following President Trump’s ‘Liberation Day’ announcement, Western Mass News spoke with a financial expert and local resident about the president’s remarks.
The tariffs announced on Wednesday in Asia, were a bit heftier than experts were predicting, leaving local residents with mixed feelings about the president’s announcement.
“I think it’s the best thing for our economy and our country right now is to bring back manufacturing jobs,” Connecticut resident Eric Rodriguez told us.
President Donald Trump rolled out new tariffs Wednesday as part of his “liberation day” plan.
“Any sort of tariff would mean higher prices and potentially lower growth,” senior vice president and head of fixed income at Saint Germain Investments, Matthew Farkas explained.
He tells us while tariffs are expected increase prices, some items will be affected more than others.
“The additional tariff means that for the average consumer prices are probably going to be going up it might night necessarily be for the exact percentage of the tariff because they’re always the debate about who actually pays the tariff is it the producer, the importer, the consumer and it’s really going to depend on the good or service that’s in question”
While these tariffs will likely cause prices to rise across the board, Farkas tells us the president’s new tariffs don’t guarantee a rise in inflation.
“Optimistically, it doesn’t necessarily mean inflation will continue to increase, it could mean kind of a one-time price adjustment as people adjust to the new price level with tariffs,” he claimed.
Residents, meanwhile, told us they have mixed emotions about the decision.
“As someone who’s a proud American, I love this country, I do feel like it’s going to create manufacturing jobs here, but I also feel like there’s going to be some harm too, I feel like it can also hurt the job force,” Rodriguez stated.
For any residents concerned about their savings or future retirement plans, Farkas says folks shouldn’t make any rash decisions.
“Reacting emotionally to headlines more often than not does not serve people well and can lead to poor decision making later on down the road,” he emphasized.
The president’s 10% worldwide tariffs will take effect on April 5th with the higher reciprocal tariffs going into effect on April 9th.
Copyright 2025. Western Mass News (WGGB/WSHM). All rights reserved.
