UAlbany professor: Tariffs could affect local jobs
As President Donald Trump paused some tariffs against Canada and Mexico, a professor at the University at Albany is weighing in on how they could affect Americans’ wallets.
Greg Nowell, professor of economics and political science, said some Capital Region jobs could be eliminated as businesses look to cut costs. He said companies could fire workers to afford more international goods, or they could move their local offices to different countries where goods are cheaper.
“They’re again going to say ‘I’m going to build a new production facility in the United States with the latest and greatest equipment. And this time, instead of 50 employees like they were using in China, we’re going to cut it back to 25 employees,’” said Nowell. “So you can bring the factory production back to the United States, but you’re not necessarily going to bring the jobs to the United States.”
A lot of manufacturing companies already use fewer employees now than ever before as automation continues to replace jobs.