Tampa Bay area businesses, economists share potential impacts of tariffs

TAMPA, Fla. (WFLA) — New U.S. tariffs kicked in today on Canadian, Chinese and Mexican imports.
President Donald Trump has said the tariffs are meant to address fentanyl and other drug trafficking, and illegal immigration.
But Tampa Bay area businesses and everyday people are expected to feel the impact with higher prices.
Tampa Steel & Supply in Ybor City is a major metal supplier for the area.
'We service about 3,500 customers in the Bay area. We essentially stock and inventory all that material it comes mostly domestically, but we do get some stuff that's imported from different parts of the world. Then we cut that to the sizes that our customers need,' said Troy Underwood, CEO/Owner of Tampa Steel & Supply.
Underwood said he's closely preparing and managing his inventory.
In recent weeks he's already seen prices going up.
'In the last two weeks we've had increases from our domestic mills,' said Underwood.
So how will other Tampa Bay area businesses and consumers be impacted by the tariffs?
'Domestic producers of those products they get to sell at a higher price, so that means they get to sell more, that means that their profits will go up, that means they can hire more, they'll produce more so they will hire more people. That's a positive,' said Brad Kamp, USF Associate Professor of Economics. 'The negative is, people have to pay more for it.'
Kamp said the price for in-season produce will likely increase in the coming days.
'We import a lot of our fruits and vegetables from Mexico, particularly this time of year. the perishable things like those, you'll probably see those go up in price fairly quickly,' said Kamp.
Prices on other items like lumber and vehicles will likely increase in the coming months, according to Kamp.
'I've seen ranges for car prices increase anywhere from $2,500 to upwards of $12,000. So that's probably where we're going to see the biggest hit,' said Kamp.
'It's been about 20% so far,' Underwood said when asked how much of an increase he is seeing so far. 'We have to pass those on. You know and that's just an unfortunate thing. As we get replacement material we're having to increase those costs and increase that pricing and pass it on to our customer, who's then passing it on to their customer,' said Underwood.
Experts say tariffs will have the greatest impact on the poor.
'From a pure welfare standpoint, tariffs lower welfare. The loss to consumers eventually becomes more than the gains of the producers,' said Kamp.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Politico

an hour ago

• Politico

‘There is not a singular voice': On trade, countries don't know who in Trump's circle to listen to

Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer have all been meeting with foreign officials seeking agreements to stave off the crushing tariffs President Donald Trump has threatened to impose next month. But Trump's three-headed negotiating team is often working at cross purposes, or at least that's how it seems to 11 foreign officials, business leaders and advisers on trade talks, who say they are receiving mixed messages from different departments, in what one person close to the talks described as a contest for Trump's loyalty. Their differing approaches have occasionally slowed down progress, the foreign officials say, like when the Commerce Department tightened restrictions on some Chinese technology in May, quickly derailing an agreement with Beijing that was negotiated by Bessent. 'We have been shuffled around, there is no doubt about that,' said one diplomat from a country in Asia, granted anonymity to candidly discuss the state of talks. 'There is not a singular voice on this or most things from what's been observed.' It underscores the hurdles that remain as the White House hurtles towards a July 8 deadline to achieve its promise of '90 deals in 90 days,' after the president paused a plan to levy tariffs on roughly 60 trading partners. The most experienced negotiator, Greer, is the furthest from Trump's ear. Bessent and Lutnick are closer to the president — but lack the in-the-weeds expertise on trade. Foreign officials and industry leaders are struggling to find anyone willing to engage on technical details and many doubt their concerns are reaching the right official — let alone being relayed to Trump. 'From what I hear from foreign delegations, this does not seem to be working at all and is why there aren't a bunch of deals being concluded,' Inu Manak, a trade policy expert at the Council on Foreign Relations, said. 'It sounds like Commerce, Treasury and USTR are negotiating different things without keeping each other in the loop.' The White House and its allies have adamantly defended the Trump administration's use of not one, but three primary trade negotiators as they race to hash out new deals, saying that Bessent, Lutnick and Greer are working together to present proposals to the president, who is the ultimate dealmaker. 'It's very natural. The administration has always worked the team on trade, and I'm not surprised that there's many people working on the same issue,' said Everett Eissenstat, who was deputy director of the National Economic Council during Trump's first term. 'Everybody wants to help the president meet his objectives, and then when the president says, 'these are priorities,' they're all going to jump and try to engage and deliver.' The White House views Bessent and Lutnick as the 'big picture' negotiators while Greer brings the technical expertise, though aides say they see all three men as equals. Aides say Lutnick has joined talks with China and Japan, which were originally only under the purview of Bessent, because of the role the Commerce Department plays in setting sector-specific tariffs on products like cars and steel. To the extent there is any disconnect in negotiations, aides attribute it to the challenges of implementing the details of some of the more general policies agreed to by one of Trump's Cabinet officials. 'I think the mixup may come from the fact that trade stuff is obviously very nuanced and very legalese once you get into the nitty-gritty of it,' said one White House official, granted anonymity to discuss strategy. 'When you start getting into the details, that's when things get tied up a little more. But that's not a division-of-labor issue. That's just sort of the nature of how these negotiations go.' The Treasury Department, the Commerce Department and the U.S. Trade Representative's office declined to comment. But the confusion felt by foreign officials continues to cloud the negotiations. Some countries worry that any concessions they make could be abruptly reversed or that new demands might be introduced late in the process. The Trump administration has directed Greer's office to focus more intimately on smaller economies that are viewed as less of a priority; any agreements still require presidential approval. Commerce and Treasury have taken roughly equal roles in negotiations with some of the largest trading partners, such as the European Union, Japan and China, two people close to the White House said. The result is a less streamlined approach for countries that are viewed as the most critical targets. 'The three of them had slightly different opinions in the negotiations and it was a bit confusing,' said a person familiar with trade talks with both Japan and South Korea. That mixed messaging seems to reflect internal rivalries between Trump's top trade negotiators, they said. 'I think it's a loyalty contest, where they're all trying to give Trump more of what he wants,' he said. After Trump threatened to increase tariffs on the European Union, citing a lack of progress between the two countries, his call with European Commission President Ursula von der Leyen resulted in the U.S. establishing a clear structure for different levels of talks — Lutnick for the sectoral tariffs, like those on cars; and Greer for the 'reciprocal' tariffs, including a baseline 10 percent duty the U.S. has levied on all trading partners, as well as potentially higher tariff Trump might tack on after his July deadline passes. That structure reflects each man's responsibilities over trade policy. While Greer is the administration's top trade official — and has been a factor in nearly all of the negotiations — Bessent has been tapped to lead discussions with Asian countries. Meanwhile, because the industry-specific tariffs fall under the Commerce Department, Lutnick is in charge of any efforts to lower tariffs on automobiles and steel, as well as pending tariffs on semiconductors, pharmaceuticals, lumber and copper. The rotating cast has frustrated Japan, a country that the administration has repeatedly insisted is close to a deal. 'Why does the trio of Bessent, Greer and Lutnick need to come out for one minister? It's unclear who [of them] talks to Trump,' said one Japanese official. Some of that confusion was on display in London last week, when Bessent, who was appointed as the lead negotiator with China, had to leave early to testify in front of Congress. That left Lutnick and Greer to wrap up discussions with the Chinese, who had been told Bessent would be the point person for the negotiations. The shifting landscape has left some observers wondering whether the U.S. will be able to secure a substantive deal with China — and if the administration even wants one. So far, the U.S. has only secured a written deal with the UK, which represents less than 3 percent of the U.S. total trade. 'What else is going to stick?' said Derek Scissors, a senior fellow at the American Enterprise Institute who focuses on China policy. 'I don't believe in the capacity of either Secretary Bessent or Secretary Lutnick to write an agreement with China of any specificity. Jamieson can if he's allowed to, but he's the least politically important of the three,' Scissors said. 'Bessent has no China background. And Lutnick, well, I'll just let that dot fade into the distance in terms of his abilities.' Throughout the tariff talks, White House aides have pushed back on those characterizations and noted that the president trusts all of his advisers. Businesses representing the technology and manufacturing sectors are similarly bemoaning the lack of clarity, and have faced roadblocks during attempts to shape a wide range of trade policy from tariffs to export controls. 'We are seeing the legitimate difficulties from engaging with 100-plus governments all at the same time,' said one corporate lobbyist representing the tech sector. 'We're six months into this administration and we're still working out personnel and different policy approaches, and it's not clear how exactly different agencies … are coming at this,' the lobbyist said. But, even as the deadline for higher tariffs approaches, the White House appears nonplussed by the lack of deals. The stock market has settled since its quick drop in early April, when Trump launched his 'reciprocal' tariffs of as high as 50 percent on certain trading partners. Republican lawmakers, while quietly pushing for deals, have not raised much public criticism. 'We're all encouraging the president and USTR and the White House to make sure these trade agreements are rapidly being considered and resolved,' said Sen. Jerry Moran (R-Kansas). 'So we hope that in the queue, that there are lots of things going on.' And, perhaps most importantly, Trump believes high tariffs are good policy, Eissenstat pointed out. 'One of the things that people forget is that the president's happy if this all ends in tariffs. He's said it.' Koen Verhelst, Phelim Kine and Doug Palmer contributed to this report.

Business Insider

2 hours ago

• Business Insider

China closes gap with U.S. as African countries, others join yuan payment system

China has added more financial institutions from Africa, the Gulf, and Central Asia to its cross-border yuan payment system, a bold move to strengthen the global role of its currency amid intensifying rivalry with the US. China strengthens its cross-border yuan payment system by adding six financial institutions from Africa, the Gulf, and Central Asia. This expansion seeks to internationalize the yuan and reduce reliance on the US dollar in global transactions. The initiative aligns China strategically amidst shifting geopolitical alliances and financial system dynamics. According to a South China morning post; The six financial entities, including the African Export-Import Bank, First Abu Dhabi Bank, South Africa's Standard Bank, Singapore's United Overseas Bank, Eldik Bank of Kyrgyzstan, and Chongwa (Macau) Financial Asset Exchange, officially joined the Cross-border Interbank Payment System (CIPS) as direct participants at a ceremony held in Shanghai last week. The post clarified that as direct participants, these institutions can independently process cross-border yuan payments, unlike indirect participants who must route their transactions through direct members. This development is part of Beijing's ongoing efforts to internationalize the yuan and reduce dependence on the US dollar-dominated financial system, while hedging against potential US sanctions as geopolitical tensions with Washington continue to influence global markets architecture and redirect alliances. Notably, this move aligns with Moscow and Tehran's own efforts to circumvent Western financial restrictions, as both nations explore relative payment systems and deepen economic ties. CIPS breaks into global payment system CIPS, launched in 2015 as China's alternative to the widely used SWIFT network, has been gradually attracting corporate and government entities globally, to fast track its progress. As of May 2025, the system reportedly had 174 direct participants, including domestic and international branches of Chinese banks, as well as major Western financial institutions such as HSBC, JP Morgan, and Citibank. The latest additions reflect China's growing ties with regions that are also seeking alternative financial channels and minimizing exposure to Western regulatory risks and sanctions. With this expansion, the Asian giant takes another bold step towards cementing itself as a key player in the emerging multipolar financial landscape.

Newsweek

3 hours ago

• Newsweek

Map Shows Best Cities To Live in Right Now

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Denmark, Australia and Switzerland are home to some of the world's best cities to live in, a new study has shown. Copenhagen has been named the world's most livable city in 2025, according to the Economist Intelligence Unit's (EIU) Global Liveability Index, displacing Vienna in Austria, which came second after a three-year run at the top. The Danish capital achieved perfect scores of 100 in stability, education, and infrastructure, pushing it from second place to first in a global assessment of 173 cities. The EIU's annual index evaluates cities across 30 indicators grouped into five categories, which include stability, health care, culture and environment, education, and infrastructure. While the average global score remained unchanged from 2024 at 76.1 out of 100, the report noted a persistent decline in global stability, driven by rising geopolitical tensions and civil unrest. "Copenhagen's rise to the top underscores the power of consistent investment in public goods," said Matt Watkins, a public affairs strategist and policy analyst, told Newsweek. He consults cities across the United States and a few other nations on urban development, economic mobility and quality-of-life strategies. Melbourne in Australia placed fourth, continuing its strong performance in the rankings, with two other Australian cities—Sydney and Adelaide—also among the top 10. Other cities filling out the top 10 slots included Auckland in New Zealand, Osaka in Japan, and Vancouver in Canada. Watkins noted: "Livability is a choice. These outcomes do not emerge by chance. They happen when governments commit to universal baselines that ensure quality of life—things like clean public transit in Zurich, affordable child care in Copenhagen, strong public education in Melbourne, and access to green space in Auckland." North American cities overall remained in the highest tier of livability, with all 21 assessed scoring above 80. Two Canadian cities, Calgary and Toronto, also experienced drops. "We have lowered the health care scores for all four Canadian cities in our index," the EIU report noted. All three cities in the United Kingdom in the index—London, Manchester, and Edinburgh—saw their placements fall in the wider ranking due to widespread riots and rising homelessness. Stock image: Houses line the Nyhavn canal in Copenhagen, the Danish capital. Stock image: Houses line the Nyhavn canal in Copenhagen, the Danish capital. Getty "Walkability is a common thread among the world's most livable cities," Watkins said. "When people can safely and easily walk to schools, grocery stores, parks, and transit, everything else becomes more connected—public health improves; small businesses thrive; emissions drop; and community life flourishes." The EIU highlighted that, while stability declined globally, other aspects of urban life have improved. "Scores for health care, education and infrastructure all saw marginal improvements on average," the report said. Cities in the Middle East and North Africa region showed the most-notable gains, particularly in Saudi Arabia and the United Arab Emirates, due to significant advancements in health care and education. Watkins emphasized that high-quality infrastructure alone isn't what makes a city truly livable. "What makes a city truly livable is not just infrastructure, but connection," he said. He added: "The most-livable cities foster a sense of belonging—through public spaces that invite gathering; services that reduce isolation; and policies that help people put down roots. Whether it is Vienna's cultural investment or Vancouver's focus on inclusivity, these cities recognize that social cohesion is as important to well-being as hospitals and transit lines." Watkins added that the world's most-livable cities succeed because they treat livability as a public mandate. He said: "These places remind us that good governance is not just about efficiency; it is about creating conditions where people can move freely, connect easily, and live with dignity." Top 10 Most Liveable Cities 1. Copenhagen, Denmark 2. Vienna, Austria 3. Zurich, Switzerland 4. Melbourne, Australia 5. Geneva, Switzerland 6. Sydney, Australia 7. Osaka, Japan 8. Auckland, New Zealand 9. Adelaide, Australia 10. Vancouver, Canada Source: A ranking by the Economist Intelligence Unit (EIU) based on an assessment of 30 indicators grouped into five categories, including stability, health care, culture and environment, education, and infrastructure. Do you have a travel-related video or story to share? Let us know via life@ and your story could be featured on Newsweek.