Héctor R. Lozada-Vega, Ph.D.,  director of the Institute for International Business at the Stillman School of Business, recently discussed what tariffs are and their impact on consumers and businesses in the United States, with Steve Adubato, author, speaker and Emmy Award-winning broadcaster of PBS State of Affairs.

On this episode of PBS State of Affairs, he shared the history of tariffs and how they can pose both significant challenges and opportunities for companies to build more resilient and efficient global business strategies. They reshape global trade relationships, influencing the formation of new trade blocs and alliances.

Adubato and Lozada-Vega looked at how tariffs on goods like electronics, produce and automobiles increase business costs, which are then reflected in higher consumer prices. Businesses would need to reconfigure supply chains to better handle them, which can also drive costs up. Tariffs also contribute to inflationary pressures and reduced economic output, affecting GDP and employment.

Read the full story here.