An economist at Indiana’s Ball State University has released a policy statement that estimates fallout from President Donald Trump’s tariffs could result in the loss of more than 30,000 Hoosier jobs over the next seven years.
Center for Business & Economic Research Director Mike Hicks told Inside INdiana Business that the “very conservative” estimates suggest big hits to Indiana’s Gross Domestic Product to the tune of $668 million next year alone if actions among the U.S., European Union, China and Canada persist. Sectors that stand to lose the most in Indiana, he says, include steel, aluminum, soybeans, corn and automobile manufacturing.
Hicks tells the negative effects on the Hoosier economy would be felt short and long-term. “The retaliatory tariffs are going to target the things we’re really good at. So we’re going to see automobiles, automobile parts, anything that’s steel-using, steel producing, anything that’s agriculture is going to get clobbered,” he said. “Indiana depends so heavily on manufacturing and agriculture that even a very modest trade war would be recessionary for the Midwest.
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