INDIANAPOLIS–The effect of the Trump tariffs expected to begin Wednesday will likely hit Hoosiers hard and have a long-lasting effect for people and industries involved in farming and manufacturing,” said Mike Hicks, Prof. of Economics at Ball State University.
“It’s very troubling, of course, particularly for Hoosiers that are so dependent on manufacturing exports and component parts and agriculture,” he told WISH TV.
He said that means the tariffs affect not just businesses, but average consumers.
“Automobiles are immediately going to be a 10 to 15% price increase. Any consumer durable product that has metals in it is going to go up. Anything that has component parts, which is almost everything manufactured in the U.S., is going to see a big price spike. I also think you’re going to see the flip-side of that, (which) is lower demand because now there’s going to be tariffs placed on most of our exports,” he said.
He also said he can’t say with any positivity that the tariffs are an attempt by Mr. Trump at getting a better deal.
Hicks also said that the supply chains for U.S. manufactured goods will likely suffer severe damage that could take a decade to repair.
