Bloomberg Surveillance
Bloomberg Surveillance TV: February 3, 2025
Feb 3, 2025
In this insightful discussion, Jason Furman, a Harvard economic policy professor, delves into the ripple effects of tariffs on the economy. Stephen Stanley, Chief Economist at Santander, shares his analysis of how a US trade war could impact markets. Earl Davis, Head of Fixed Income at BMO, explores the ramifications for treasury sectors. Together, they unravel the complexities of trade policies, inflation dynamics, and energy market nuances, offering a comprehensive look at the current economic landscape.
23:10
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Quick takeaways
- The introduction of tariffs is expected to disrupt business operations and reduce market confidence, significantly impacting U.S. economic growth.
- Tariffs on crude oil imports may strain U.S. refining margins and complicate energy market dynamics, leading to higher prices for consumers.
Deep dives
Impact of Tariffs on the U.S. Economy
New tariffs being introduced on imports are anticipated to have a significant negative impact on U.S. economic growth, even if Wall Street believes the economy can withstand them. Experts warn that while tariffs might not immediately create an inflationary shock, they can disrupt business operations and reduce overall confidence in markets. The uncertainty surrounding these tariffs leads businesses to hesitate in making major decisions, which can further slow economic activity. If tariffs persist or escalate, this approach could result in severe consequences for U.S. manufacturing and jobs, challenging the narrative that the economy can easily absorb such impacts.
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