Capitol News

The economy played a central role in the 2024 presidential election, with many Americans concerned about rising gas and food prices. The transition to a new presidential administration has prompted economists to predict potential impacts on the U.S. economy, particularly regarding President-elect Donald Trump's proposed tariffs.

Michigan State University experts are available to provide insights into various economic issues, including tariffs, stock market dynamics, automotive industry challenges, and education policies.

Jason Miller from MSU's Department of Supply Chain Management discussed the possible effects of tariffs on manufacturing jobs: "There is strong reason to expect importers will pull forward goods, especially from China, to avoid proposed broad-based tariff increases...Americans should not expect sweeping tariffs will spur the creation of manufacturing jobs."

Andrew Simonov from MSU's Department of Finance addressed potential impacts on the stock market: "Economic confidence...is a huge driver for the stock market...Three other drivers are most important for the U.S. public: regulations, Trump tariffs and inflation."

Antonio Doblas Madrid from MSU's Department of Economics spoke about trade wars and fiscal policy uncertainty: "Now the rhetoric on tariffs and economic nationalism has escalated...Uncertainty is perhaps highest in fiscal policy."

Amy Broglin from MSU's Department of Supply Chain Management highlighted challenges faced by automakers due to EV mandates: "Automakers have been struggling under the weight of a political agenda intent on pursuing a quick and wide migration to electric vehicles."

Stanley Lim also commented on EV adoption issues: "A focus on traditional energy sources and relaxed fossil fuel regulations could hinder the adoption of electric vehicles."

David Ortega from MSU’s College of Agriculture discussed food prices amid potential tariffs: "While much of the attention has been on food price increases...tariffs won't lower food prices. They can make inflation worse."

Scott Imberman from MSU’s College of Education examined potential changes in education policy under Trump's administration: "First, there is likely to be an emphasis on more school choice options...The administration is also likely to reduce student loan forgiveness."

These expert analyses provide insight into how various sectors might navigate upcoming economic changes during this presidential transition.