Rappaport made comments to about 25 business and community leaders hosted by the Office of Professional and Business Development of the University of Colorado at Colorado Springs College of Business.
The trade war with China will cost everyone in the form of higher prices for imported goods, hurt economic development and disrupt trade and supplier relationships, a visiting Colorado College economics professor said Friday.
The economic impact of tariffs will be small, but spread widely across the Colorado Springs area, said Neal Rappaport.
He made the comments to about 25 business and community leaders hosted by the Office of Professional and Business Development of the University of Colorado at Colorado Springs College of Business.
“The negative impact is shallow, but very broadly based unless you are affiliated with a business that benefits from tariffs,” Rappaport said.
“People will pay more for steel, resources and food, either because they are buying imported products, or they are buying products from a domestic supplier that has raised prices to match their foreign competitors, or they are using parts or materials subject to tariffs in their products.”
Rappaport cited a study by Boulder-based ImpactECON estimating tariffs could cost each U.S. family nearly $2,400 next year in lower wages, higher prices and lower investment returns if all tariffs threatened by the U.S. and China are levied. The company specializes in economic analysis of trade agreements and trade facilitation, government policies, supply chains, environmental factors, migration, poverty and development. President Donald Trump imposed an import tax of 25 percent...