The Brian Lehrer Show
Trump’s Tariffs Could Still 'Pummel' NYC
Apr 14, 2025
In this discussion, Greg David, a fiscal and economic journalist and director at the Newmark Graduate School of Journalism, details the repercussions of Trump's tariffs on New York City's economy. He predicts worsening local conditions despite a temporary pause in tariffs. David highlights significant challenges for Wall Street, small businesses, and the tourism industry. He also examines the impacts on city budgets and the housing market amid financial uncertainty, emphasizing risks of a recession and rising operating costs.
29:41
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Quick takeaways
- The ongoing tariffs are destabilizing Wall Street, which significantly threatens New York City's economy and revenue generation from the financial sector.
- Small businesses are struggling with unpredictable import costs due to tariffs, which hampers their ability to plan and operate effectively.
Deep dives
Impact of Tariffs on Wall Street and Local Economy
The ongoing tariffs imposed by the Trump administration, particularly the significant 125% tariff on Chinese goods, are causing volatility in Wall Street, which is crucial for New York City's economy. Recently, the stock market has seen substantial fluctuations, marking a steady decline from earlier optimistic projections concerning economic growth. This downturn has implications for the city's revenue, as the financial sector contributes over 20% of the city's income and tax revenue. With small businesses already feeling the burden of increased import costs, the economy's health is precarious, primarily due to the uncertainties created by ongoing trade policies.
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