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Bloomberg Talks
BMO's Jennifer Lee Talks Tariffs, Immigration
Dec 27, 2024
Jennifer Lee, Senior Economist and Managing Director at BMO Capital Markets, talks tariffs and immigration's effects on the economy. She explores the potential inflationary impact of new policies, considering the uncertainty surrounding economic growth projections for 2025. The conversation highlights resilient consumer spending and the influence of a strong U.S. dollar. Lee also delves into the trade dynamics between the U.S. and Canada, emphasizing the importance of monitoring crucial economic indicators during these shifts.
08:22
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Quick takeaways
- The new U.S. administration's implementation of broad tariffs could significantly disrupt economic stability and consumer goods pricing across the market.
- Despite inflation concerns, resilient consumer spending in the U.S. continues to support economic growth, contradicting predictions of a downturn.
Deep dives
Impact of Tariffs on the U.S. Economy
The introduction of blanket tariffs by the new U.S. administration is expected to have a significant impact on the economy. Plans include a 10 to 20 percent tariff on $3 trillion worth of imports and a potential increase to 25 percent on goods from Canada and Mexico. This broad approach contrasts sharply with previous targeted tariffs, signaling a more aggressive trade policy that raises uncertainties for businesses and consumers alike. The outcomes of these tariffs are yet to be seen, but they are anticipated to influence everything from pricing to availability of goods within the U.S. market.
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Discover
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