Make Me Smart Selling America: Special Coverage From Marketplace
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Apr 20, 2025 Catherine Ann Edwards, a labor economist and policy consultant, and Richard Weiner, senior counsel at Sidley Austin focusing on international trade, dive into America's shifting economic landscape. They discuss the implications of evolving trade policies and tariffs on small businesses, highlighting a violin shop owner's struggles. The conversation explores the weakening dollar, the complexities of supply chains, and the urgent need for workforce training in future industries like technology and healthcare.
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Tariffs Risk Fed Credibility
- Trump's tariffs cause uncertainty and risk damaging the Fed's credibility, which could ironically raise interest rates.
- The destruction of key institutions threatens long-term economic stability and will take decades to repair.
Tariffs Impact Small Business Daily
- Wesley Rule experiences daily supply chain disruptions due to tariffs impacting violin industry imports.
- Prices of small components like bow hair are expected to double, challenging small business viability.
Act Fast Amid Tariff Chaos
- Businesses should source inventory as quickly as possible amid tariff uncertainty.
- They must track detailed product components, like steel weight and origin, to manage tariff implications.