Tyler Schipper, an economist and associate professor in the College of Arts and Sciences at the University of St. Thomas, spoke to KARE 11 about the impacts of tariffs announced by President Donald Trump.
From the story:
For more than 40 years, owner Dan Casebeer and his crew at Grand Performance in St. Paul have been a staple in the local bicycling community. The small business sells high-end bikes mostly assembled in various parts of the world before making their way to the United States and into the hands of customers in the Twin Cities. ...
“It’s not going to help,” Casebeer said, adding that he will likely have to raise his prices. “We pay for it, and then my customers pay for it. It’s a taxation on Americans.”
Economist and University of St. Thomas professor Dr. Tyler Schipper said it’s not only small, local businesses that will be impacted. The tariffs will likely have big implications on Minnesota’s biggest corporations, including Target and Best Buy. ...
Schipper said while industry or country-specific tariffs may make sense in certain scenarios, broad sweeping tariffs will damage the economy. “I think both Minnesota’s economy and the broader economy of the U.S. is going to suffer,” he said. “I think the degree of these tariffs makes a recession more likely than it was before.”
