Chicago (WLS) – The impact of the wonderful new definitions of President Donald Trump is already sensible all over the world, including small companies in the Chicago region and food banks.
It was a difficult day for the stock market on Thursday, and companies have already interacted with the tariff plan with workers' demobilization in addition to the inevitable price of the road.
Coffee, electronics and compounds are all part of this ripple effect that will become more expensive for Americans.
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President Trump's “Liberation Day” effects are feeling all over the world. Americans are now wondering how much they will pay for daily goods after the definitions imposed on the president at least at least in almost every country.
“It is at least in his opinion that the United States should sell abroad than it brings, and thus reduce imports to perfectly promote exports,” said Paul Bust of the University of Chicago.
Experts said that this plan will now lead to high prices in the short term, as companies pay this tax on the consumer. History shows that these prices are usually no longer shortly.
“The price increases tend to be very sticky, so if the companies respond by raising prices, then it says a month from now Trump gets rid of the tariffs and says no, we will not do the definitions anymore,” said Bust. “I don't think the prices will return immediately to where they were.”
Coffee is one of those products that will immediately become more expensive as the United States imports at least 80 % of the coffee beans from Latin countries such as Brazil and Colombia. It is a product that needs the appropriate climate for its production, and with these two countries that now face 10 % of the coffee tariff in the United States, they will push the difference.
“I don't have a large inventory enough,” said Nancy Cyan, a professor of North Western University. “Coffee and agricultural products, these are damageable goods, so American producers or wholesalers, they cannot afford to store them.”
There is a similar problem for electronics as analysts at Rosenblatt Securities say that $ 800 may now cost up to $ 1100 with the import of the product from China.
Auto -making companies are also wrestling with a 25 % tariff on foreign -made vehicles, which Canadian Prime Minister Mark Carney said the country will match this same tariff. This news was forced to temporarily produce production for production in two factories in Canada and Mexico, which led to the demobilization of 900 factories in the United States.
Despite the immediate pressure on companies, President Trump is still optimistic.
“The markets will flourish, the stocks will flourish, and the country will flourish, and the rest of the world wants to see whether there is any way they can make a deal,” Trump said.
The Anderson Economic Group in Chicago offers the lowest tariff vehicle that still costs at least $ 2,500 due to customs tariffs. While the goal is to bring manufacturing to the United States, experts said that many of this will be through automation and robots when this happens.
Related American stocks suffer from great losses in the first trading session after the new Trump tariff
President Trump's introductory announcement is expected to have a direct impact on many of the foods purchased in the country. This pressure is expected to put on local food banks that already deal with the recent discounts by the US Department of Agriculture.
The large food deposit in Chicago already sees the effect. They said that the Trump administration's discounts to the US Department of Agriculture will definitely have an impact, which makes their battle against food insecurity and hunger more difficult.
Food banks in the Chicago region are among the many things that began to feel the impact of the new definitions of President Donald Trump.
The high shelves of the ceiling are stacked in The Greater Chicago Food Depository now full of food, but this may change soon.
Food deposit recently learned that 52 truck loads of government food were suspended from now to August from the US Department of Agriculture. The shipments included dairy, pork, chicken and eggs along with dried fruits, at a value of $ 3.3 million.
“One in four families with children in the Chicago metro area is currently facing food insecurity,” said Man Yi Lee, a spokesman for the major food deposit in Chicago. “We are very worried.”
Relatives are the result of a pause from the US Ministry of Agriculture, which provides estimated money for purchases by food banks. Looking to reduce spending, the Trump administration freezes or canceled one billion dollars of food aid.
Food banks say that reducing costs measures their efforts.
“When families find it difficult to manage the budgets of their families and put food on the table, our warehouse lines are longer.”
Currently, the major food deposit in Chicago provides food for their network, which includes more than 850 meal programs and meal programs through Cook Province.
Care for Real Food Pantry works in Edgweater and Rogers Park on the northern side of the city. The officials there said they are getting more than half of their food donations from depositing the major food in Chicago and have witnessed an increase of 400 % in the demand for their services since 2020.
“We don't know the full effect,” said Gregory Gross with caution in the real food store.
Last year, while a large part of Chicago food food came from purchases and donations, about a third of their stock came from the federal government.
Defenders say the cuts put pressure on the diet, adding that just buying more food to donate is not a sustainable way to treat hunger.
“We really need to support our private and public entities in order to help make sure that everyone has enough food and feeding their families,” he told me.
Chicago's major food deposit said they are also concerned about the impact of government lowering on nutritional assistance programs such as Snap and other basic safety network initiatives.
The actors here at The Food Depository said they are talking about discounts that do not panic, but to create consciousness. They said they are already developing plans to deal with any deficiency and also work with their partners to ensure that no one is hungry.
Read more Illinois leaders, economists, and companies criticize the new definitions of President Trump
The owners of a local manufacturer at West Side said that the employees have survived the great depression, the great stagnation, the Covid-19s, and is now trying to move in this new round of definitions.
They are welding covers down for part of the gathering. The interior frames for buses, trains, or delivery truck seats will be from Friedman.
The Chicago region companies are among the many businesses that have started to feel the influence of the new main prime of President Donald Trump.
The West Side manufacturer places more than 1000 seats per day in the Austin neighborhood.
The 130 -year -old company has evolved and is now dependent on imported parts, which are likely to cost more with the new tariffs imposed by the Trump administration.
“I would like to be optimistic, but I am very concerned about where things are going,” said Friedman's CEO, CEO.
Friedman is the grandson of the company's founder.
“This component comes from here this component comes from there, it is a great shock to the regime,” Friedman said. “We will have no choice but to pass this on part of our customers. It is a matter of survival.”
About 75 % of 700 employees from the western side.
“Get a job, changed my life,” said Charles Johnson. “I didn't think I would buy my house while doing the things I see on TV.”
Johnson is among the local employees. With the conviction of a felony, he said that this job was a lifeline. He was in Friedman for nine years, he was promoted to welding bullets.
He said he hoped to see more opportunities like this for people on the western side.
Johnson said: “It is certain that it gives them the opportunity to take options to earn money and do better for themselves,” Johnson said.
Friedman and his family hope to continue to be a way to succeed and move in their new definitions and their employees.
“We import products not because we want it, but because we need you, we cannot get here,” said Friedman. “This will be an equal challenge, if not bigger, which we have tested at all.”
Friedman said he expects to have a better idea of ​​the impact of definitions on working in the coming weeks.
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