Business expert: Michigan at risk as Trump imposes new tariffs

(WXMI)—Tuesday,PresidentTrumpmovedforwardwithhistariffplan,imposing25%taxesonMexicanandCanadianimports.PresidentTrumpalsodoubledthetariffonChineseproducts,to20%.Hehasmaintainedthatthesetariffsareintendedtoaddressdrugtraffickingandillegalimmigration.Buthe’salsosaidthetariffswillonlycomedowniftheU.S.tradedeficitnarrows. Now,thestateofMichigandoesalotoftradingwithourneighbortothenorth. Tuesday,IspokewithAssociateProfessorofFinanceatWMU’sHaworthCollegeofBusinessMattRoss,whosaysMichiganisgroundzeroforapotentialtradewarandbelievesthatthisisjustthebeginning. “Tariffs,foraplacelikeMichiganthat’sdoingalotofinternationaltrade,isaprettybadthing,”Rosssaid.Rossexplainstariffsaretaxesonimportedgoods.ThesetaxesarepaidbythecompanybringingtheproductintotheU.S.,notthecountryoforigin,whichoftenleadscompaniestopassthecostincreaseontoconsumers. “Thereisanargumenttobemadeforimposingtariffstoprotectdomesticmanuf