Latest news with #GreaterPeoriaEconomicDevelopmentCouncil
Yahoo
09-06-2025
- Business
- Yahoo
On the Record: Tariffs and trade policy winners and losers in Central Illinois
PEORIA, Ill. (WMBD) — Volatility from the shifting tariffs and trade policies of the Trump administration is the dominant stressor for businesses in the Greater Peoria area, according to the head of the region's economic development organization. Chris Setti, CEO of the Greater Peoria Economic Development Council, joined 'WMBD News: On the Record' to discuss industry challenges and his recent trade mission to Mexico. 'I think that the main issue really has been uncertainty. Businesses like to be able to plan for the future, right? They want to be able to plan for their supply chains and what their customers might need and pricing,' he said. While the turbulence in trade policy has raised concerns across many sectors, it's not all bad news. Setti pointed to Liberty Steel in Bartonville as a potential winner. 'A 50% tariff on imported steel helps level the playing field for them,' he said. 'They've struggled to compete with cheaper foreign steel, especially from China. This move allows them to invest more confidently in their plant.' But not everyone is cheering. Construction firms and agriculture businesses are worried about rising costs on imported materials like potash, an essential ingredient in fertilizer. 'It cuts both ways,' Setti said. 'There are winners and losers in every policy decision, no matter which administration is in charge.' In April, Setti joined Gov. JB Pritzker for a trade mission to Mexico City to explore opportunities for collaboration. 'It was a fantastic trip,' Setti said. 'There's a lot of trade between Illinois and Mexico for exports and for imports. We met with Mexican business leaders and showcased what Greater Peoria can offer.' He also recently attended SelectUSA, the country's largest summit for foreign direct investment, as part of Team Illinois. 'Trade is so important to economics. It's all relationship-based. People do business with those they know,' he said. 'For a lot of foreign countries and foreign companies, they've never heard of Peoria to the extent they've heard of Illinois. 'They know about Chicago. So when they get a chance to meet with us, and others from central Illinois, we're able to really showcase what we have to offer them,' Setti said. Catch 'WMBD News: On the Record' on Saturday nights at 10 p.m. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
16-05-2025
- Business
- Yahoo
Economic Development Council announces details on the 2025 Big Table Peoria event
PEORIA, Ill. (WMBD) — The Greater Peoria Economic Development Council announced details for the 2025 Big Table Greater Peoria event. This year's theme will be 'innovation as a regional growth strategy'. Expert in entrepreneurship Victor Hwang was announced as the 2025 keynote speaker. Greater Peoria Economic Development Council CEO Chris Setti said the 2025 Big Table will feature community-driven discussion sessions that will directly shape the future of central Illinois. 'In 2019. The first time we did this, one of the big topics of conversation was startups and innovation. And here we are six years later in a facility that is the region's investment in this idea that we need to have a center for startups and innovative activity,' said Setti. The 2025 Big Table Greater Peoria Event will be held on Oct. 9 at Distillery Labs in Peoria. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
