Dave Vang, a finance professor in the Opus College of Business at the University of St. Thomas, spoke with KSTP about new Tax Foundation research estimating that President Trump’s tariffs added roughly $1,000 in costs for the average American household last year, outlining how the policy continues to affect consumer prices, trade negotiations and Minnesota agriculture.
From the article:
Economists said what happens next depends heavily on negotiations with other countries.
University of St. Thomas economist Dave Vang said households will likely still feel the impact.
“I would expect that with so many deals having been made, there will still be a negative impact on households because of the tariffs directly, but it’s probably going to be something smaller in the next year,” Vang said.
He also warns that agriculture could pose a concern, particularly in Minnesota.
“One area that might be of concern would be agriculture. If China decides it doesn’t want to buy the crops from our farmers as part of this sort of negotiation back and forth, that might not be good for Minnesota, because we have a very large agricultural component,” he said.
