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.
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NYC Economy Sensitive to Tariffs
- Wall Street's volatility hits NYC hard since it generates 20% of city income and taxes.
- Tariffs cause rising import costs, hurting small businesses and potentially affecting tourism too.
Uncertainty Hampers Business Planning
- Tariff policy is confusing and uncertain, flipping on exemptions frequently.
- Businesses struggle to invest in manufacturing without predictable tariff rules.
Design Industry's Global Supply
- Christine describes how most design and packaging manufacturing happens in China due to cost and factory availability.
- She highlights that printed products like books are often made in Canada because of expense.