JACKSONVILLE, Fla. – Stock markets are plunging, consumers and businesses are starting to sour on the economy, and anxiety is rising about the potential of the U.S. plunging into a recession.
What’s prompting the fear of the downturn is the realization that President Trump’s import taxes are at the forefront of his economic policy.
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Tariffs can slow the economy by raising prices for consumers and slowing spending. Businesses may hesitate to invest in new projects due to higher costs and Trump’s on-again, off-again approach may cause a delay in hiring and investment.
Dan North, Senior Economist for Allianz Trade North America joined News4JAX Anchor Bruce Hamilton on The Morning Show on Thursday morning.
North said there is a lot of ambiguity to deal with, and while the U.S. may not have a recession it will have to cope with shock.
Press play above to watch the interview
