Summary of If the Trade War Starts to Damage the Economy, Here’s How You’ll Be Able to Tell

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If the Trade War Starts to Damage the Economy, Here’s How You’ll Be Able to Tell summary
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Many observers believe that the Trump administration’s efforts to contract the US trade deficit through tariffs imperil global commerce. While officials insist that the duties are merely a tool for leveraging concessions from trading partners, tariffs on steel, aluminum and a host of other products are beginning to affect businesses. Financial journalist Neil Irwin examines possible early warning signals of duress to the US economy should trade hostilities boil over. getAbstract recommends this timely and informative article to executives and trade experts.

In this summary, you will learn

  • How tariffs could disrupt the global economy,
  • How looming trade tensions create business uncertainty and
  • What warning signals executives should monitor.
 

About the Author

Neil Irwin is a senior economics correspondent at The New York Times

 

Summary

President Trump’s tariffs are already making an impact on a number of US businesses. Harley-Davidson is relocating some of its manufacturing overseas to avoid “retaliatory tariffs,” while soybean farmers are feeling the financial hurt from Chinese taxes on imports. However, the higher costs that some firms and sectors face do not necessarily add up to a major threat to the US economy’s growth. And while officials can interpret broad measures such as GDP and the jobless rate to determine how the trade war is affecting the economy, delays in compiling those metrics cloud their utility. Surveys and data from the frontlines of business are timelier. Managers’ concerns over trade will quickly show up in “business confidence” polls that reveal whether companies are avoiding deploying capital into new projects and investments. The Federal Reserve Bank of Philadelphia and the National Federation of Independent Business both conduct surveys that provide this tactical insight.


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