Professor comments on potential U.S. tariffs
Katherine Schmeiser Lande, professor of economics at Mount Holyoke College, weighed in on the potential impact of U.S. tariffs with the Daily Hampshire Gazette.
Recently, President Trump imposed a 10% tariff on goods from China but paused the implementation of tariffs on goods from both Mexico and Canada. Katherine Schmeiser Lande, professor of economics and chair of Mount Holyoke College’s economics department, spoke to the Daily Hampshire Gazette and weighed in on the potential impact of these tariffs.
Lande noted that the temporary suspension of U.S. tariffs on Canadian and Mexican goods makes the economic landscape uncertain. “Price increases depend on what’s rolled out,” she said. “Will it be a week? A month? We don’t know.”
She explained that while short-term tariffs might not lead to immediate price hikes for durable goods — as affected companies could absorb any temporary costs — they could result in noticeable price increases for perishable goods, such as avocados.
Lande also said that consumers in Massachusetts might feel the effects, particularly with regard to oil and machinery costs. A 10% tariff on Canadian oil could be especially problematic during the winter months.
Lande addressed the broader economic implications, warning that long-term tariffs could replace certain federal taxes, which would affect different industries unevenly. For example, she predicted significant price increases in the automotive, produce and fast fashion sectors, with lower-income consumers being hit the hardest. Additionally, she noted that China might respond through legal means via the World Trade Organization, which restricts tariffs unrelated to national security.
