Trade experts project President Trump's newly announced tariff package to cost the US economy nearly $1 trillion. American businesses could face hundreds of billions in additional expenses yearly, potentially fueling inflation and prompting retaliatory measures from key trading partners.

US President Donald Trump has indicated a willingness to reduce tariffs if other countries make "phenomenal" offers, despite market volatility stemming from his trade policies. Trump said the tariffs provide power in negotiations and mentioned potential new levies on pharmaceuticals.

Industrial distributors could see growth in 2025 despite challenges from new tariffs, says Connor Lokar, senior forecaster at ITR Economics. Lokar notes that while tariffs might increase inflation by raising costs for imported goods, domestic manufacturers could benefit. Lokar advises distributors to assess supply chain risks and consider inventory management strategies.

Recent tariffs imposed by the Trump administration have sparked significant economic concerns, particularly due to the risk of inflation and recession. Jason Schenker, economist at Prestige Economics, highlights that the uncertainty from these tariffs could lead to stagflation, with GDP growth forecasts for Q1 2025 at a troubling -3.7%. The rapid changes in US trade policy create a challenging business environment, potentially destabilizing the economy.

President Donald Trump has announced sweeping tariffs, including a 10% minimum on all imports and up to 49% on goods from over 50 countries, raising costs for US food producers and increasing prices for ingredients such as coffee, chocolate and olive oil. Concerns include inflation, decreased competitiveness and the likelihood that the EU and other nations plan to retaliate, potentially affecting US exports.

Developing a thought leadership strategy involves five key steps: establishing a unique perspective, finding the right voice, collaborating with skilled content developers, targeting the appropriate audience and maintaining a long-term approach, writes Dan Konstantinovsky of RH Blake. "A true thought leader goes beyond technical expertise by shaping industry conversations, challenging conventional thinking and being willing to take risks," Konstantinovsky writes.

Businesses are scrambling to assess the impact of President Donald Trump's steeper-than-expected tariffs, which include a 10% across-the-board tariff and higher levies on Europe, China and other countries. Companies that rely heavily on imports saw their share prices plunge, while others like Stellantis halted production at some plants to assess the business climate.

The tariff plan recently announced by President Donald Trump could complicate the Federal Reserve's efforts to control inflation and avoid a recession. Fed officials might delay rate cuts to assess the impact, but the tariffs could lead to a US recession by raising prices and disrupting supply chains.

Prioritize your organization's greatest asset — your people. NAW's premier education programs, such as the online Management Academy and the in-depth Distribution Leadership Program at THE Ohio State University, are designed to equip your high-potential employees with the skills and insights they need to lead and succeed. Ensure your rising stars are prepared to drive your business forward by investing in their growth today. Learn more about how NAW can help you develop the leaders of tomorrow.

Interested in membership with NAW? Reach out and let us know how we can help you.