ATLANTA — At Midnight on Tuesday, the United States plans to move forward with levying taxes against Mexico and Canada.
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President Donald Trump claimed last week that the move was a response to the two countries not doing enough to stop the flow of illegal drugs and migrants into the United States.
However, economists are worried about the impact of the tariffs and the recent economic policy at home.
“I think that the tariffs that are going to come into effect on Tuesday are going to play a huge role in our economic expectations moving forward,” economist and Emory professor Tom Smith said. “Those tariffs are going to absolutely be met with retaliatory tariffs.”
The tariffs also come after the Department of Labor released its weekly report on unemployment claims, showing the numbers jumped around 20,000 people higher than expected.
“The unemployment rate is one of these best barometers of our economy condition,” Smith said. “When you get a number that is quite different from anticipated, that’s what sets the alarms off.”
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However, while numbers are up nationally, in Georgia, the numbers paint a different picture. The report found initial unemployment claims were slightly down from the previous week. The number of continued claims seems nearly identical to where they were a year ago.
“I think Georgia has been insulated because our industry mix is so diverse, and our economy is very robust,” Smith said.
Smith warns that recent layoffs at places like the CDC may not be reflected in the current numbers. Also, he believes it may take weeks, if not months, to understand the impact of tariffs on Georgia businesses.
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