Marketplace Special Coverage from Marketplace: Selling America
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Apr 20, 2025 Catherine Ann Edwards, a labor economist and policy consultant, shares her insights on the evolving American economy. She discusses how shifting trade policies and tariffs are impacting global trade dynamics and employment. The conversation dives into the challenges facing small businesses in industries like music instruments and denim, as they navigate trade uncertainty. Listeners ask pressing questions about the future of the U.S. dollar and recession risks, highlighting the real-world implications of these economic changes.
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Tariffs Undermine Economic Stability
- Uncertainty from tariffs and destruction of institutions harm investment environments differently.
- A credible Federal Reserve is crucial to avoid permanently higher interest rates due to tariff inflation.
Dollar's Reserve Currency Role
- The U.S. dollar remains the global reserve currency due to demand and deep infrastructure.
- Alternatives like the yuan and euro have drawbacks, so a shift would carry major economic changes.
Small Business Tariff Chaos
- Wesley Rule faces daily chaos from tariffs disrupting violin supplies, including bow hair doubling in cost.
- They contemplate loans to stockpile inventory amid trade uncertainty impacting small business decisions.