How a Trump-Fueled Trade War Will Impact the US Economy
April 28, 2025
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2:32Now PlayingHow a Trump-Fueled Trade War Will Impact the US Economy
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as posted by the channelPresident Donald Trump’s tariff onslaught has roiled Washington and Wall Street for nearly a month. If the trade war persists, the next upheaval will hit much closer to home.
Since the US raised levies on China to 145% in early April, cargo shipments have plummeted, perhaps by as much as 60%, according to one estimate. That drastic reduction in goods from one of the largest US trading partners hasn’t been felt by many Americans yet, but that’s about to change.
By the middle of May, thousands of companies — big and small — will be needing to replenish inventories. Giant retailers such as Walmart Inc. and Target Corp. told Trump in a meeting last week that shoppers are likely to see empty shelves and higher prices. Torsten Slok, Apollo Management’s chief economist, recently warned of looming “Covid-like” shortages and significant layoffs in industries spanning trucking, logistics and retail.
While Trump has shown signs in recent days that he’s willing to be flexible on the import taxes imposed on China and others, it may be too late to stop a supply shock from reverberating across the US economy that could stretch all the way to Christmas.
Joseph "Joe" Lavorgna, SMBC Nikko Securities America Chief Economist and the former Chief Economist for the National Economic Council, offers an optimistic view on the Trump trade war and how it could ultimately benefit the United States. Joe speaks with Tom Keene and Paul Sweeney Bloomberg Radio.
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