The latest episode of “Talking Trade” features Laura Baughman, senior fellow with Trade Partnership Worldwide, on evolving U.S. trade policy. 

Baughman, who has worked with a variety of American businesses spanning multiple sectors, says tariffs are creating major uncertainty and confusion for companies. She’s a senior staff member for the Washington, DC-based international trade and economic research firm. 

“Nobody knows what to do, nobody knows who’s going to get hit and with how much and when,” she said. “And so onsequently, all of this uncertainty is pushing a lot of costs onto companies, even though there was earlier this year and until really recently, no extra tariffs had been imposed yet.” 

Still, she said many businesses were driven by uncertainty to stock up on imported supplies, taking a financial hit to store them in warehouses in anticipation of higher costs to come. Others are putting off investment decisions, even domestically. 

“Economic research has shown that this uncertainty is equivalent to a tariff in and of itself, sometimes on the order of 8% to 10%, depending on the product,” Baughman said, adding “the ability of companies to bear these costs, of course, depends enormously on whether they’re big companies or little companies.” 

She shares details on how larger companies are addressing these challenges, while smaller ones are “taking it on the chin.” 

Baughman said she expects much more tariff-related price increases on consumer prices as amassed inventories are diminished over time, likely in the fall or winter. 

“We’re also hearing tariff impacts on sectors you wouldn’t think, like car insurance,” she said. “Some car insurance companies, we’ve been told, are raising their premiums because it costs more to get a car repaired, because brake parts … have tariffs on them now, if they’re imported.” 

Meanwhile, spending on entertainment and food is “starting to slow” as consumers pull back amid the uncertain environment, she said. 

Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel. 

In the latest episode of “Talking Trade,” Wisconsin Manufacturers & Commerce President and CEO Kurt Bauer emphasizes the state’s reliance on foreign markets for exported goods amid tariff-related uncertainty. 

Bauer highlights the central role of manufacturing in Wisconsin’s economy, calling it “our economic supersector” for creating jobs and wealth in the state. It makes up 18% of state GDP, compared to 12% for the Midwest and 8% nationally. 

The discussion explores how tariffs on raw materials are impacting exporters in Wisconsin. Bauer notes “our membership is a bit divided on this,” as some companies support the Trump administration’s tariffs while others are opposed. 

“It really depends on what you make or what you grow, where you sell it, where you source inputs, what your supply chain looks like,” he said. “So it really depends on those different factors, on how you evaluate you’re in support of what the president is trying to do.” 

Larger companies in WMC’s membership tend to be more opposed, Bauer says, noting tariffs have created uncertainty and confusion for many businesses. And while the situation has been “stabilizing a little bit,” pricing has remained a challenge due to market fluctuations, he added.

“Access to markets is critical, as I indicated, we’re a manufacturing state and we need to export,” he said. “You need to have access to those markets, and there are retaliatory tariffs that have come into place that make some of our U.S. goods unaffordable.” 

But at the same time, the WMC members that support tariffs do so for “fundamental fairness” reasons and due to the opportunities they create, Bauer added. 

“We have opened our markets to foreign products basically since World War II, and other nations have not reciprocated completely … some of our members are just frustrated that we’ve opened our markets and other nations have not reciprocated,” he said. 

Meanwhile, frustration among foreign trade partners have led to “soft boycotts” of U.S. products, causing further challenges for already stressed supply chains. 

“The president of course is trying to grow manufacturing and the supply chain in the United States, which we understand and support, but the reality is that you just can’t snap your fingers and create a manufacturer that can make a specialty component, a precision part,” he said. 

Bauer says his counterparts in Canada are frustrated and angry, noting the tariff backlash has been particularly intense there. 

The show is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel. 

The latest episode of “Talking Trade” features Sandi Siegel, president and managing director of ME Dey & Co., a Milwaukee-based customs broker. 

Siegel, typically one of the show’s co-hosts, is interviewed by fellow host Ken Wasylik, managing director of E.M. Wasylik Associates. The discussion focuses on how Siegel’s company is advising clients on navigating the uncertain tariff landscape. 

She shares insights on where tariffs stand on certain key commodities such as steel and aluminum, as well as how importers are being impacted under the current framework. 

“Everybody’s in need of working with their suppliers, and even big importers are challenged, you know, to work with their foreign suppliers,” she said, noting ME Dey & Co. is urging its clients to work with suppliers to ensure they have critical sourcing information to avoid higher tariffs. 

Siegel also pointed to the rising requirements from government agencies about supply chain transparency and the burden it places on importers, noting some of these tougher regulations are aimed at limiting the role of forced labor in supply chains. 

“You want to be able to show due diligence, right, but again, now more than ever there’s a price tag for not being able to get that information,” she said. 

The conversation underlines the importance of understanding each link in a given supply chain, as Siegel references rapid changes happening in U.S. policy. 

“It’s very hard to have supply chain resiliency in today’s environment … because we don’t know what’s around the corner,” she said. 

 In the latest episode of Talking Trade, Crow Holdings Industrial Vice President Jack Rabenn says a new air cargo facility set to open in Milwaukee will provide an alternative to the delays and congestion importers and exporters currently face in Chicago. 

Rabenn spoke with Talking Trade host Sandi Siegel about the new supply chain center set to open in the third quarter of next year at Milwaukee International Airport. He said under the current system, freight is trucked between Wisconsin and O’Hare International Airport in Chicago. He said that “doesn’t make sense.” 

“There's an understanding among the shipping community in Wisconsin of … it does not make sense operationally for stuff to be trucked down in Chicago, then back up to Wisconsin,” Rabenn said. “There's a lot of uncertainty with the congestion of O'Hare. So when their goods fly in, and they might be stuck for days sometimes before they can get back up to Wisconsin, or on the way out, get stuck at the building because of their ground stops, what have you.” 

He also said using the Milwaukee facility would be about 60% cheaper for importers and exporters than O’Hare. 

Rabenn said there has been a lot of excitement about the new facility, and he’s working on turning that into action by addressing any perceived risks. He said he understands no one will lose their job sending goods through O’Hare, even if it’s inefficient and costs more. 

“So we're working to reduce that perceived risk to make sure we get a first mover,” Rabenn said. “Because the first question I always get from a carrier or even a forwarder that doesn't know the area is, ‘Well, who's currently flying in there?’ And that's inherently the wrong question, because there's no facilities for them to fly into, and that's why there's the opportunity.” 

Rabenn said part of tackling the issue will involve working with state lawmakers to create incentives, such as reducing landing fees or offering fuel tax subsidies, working with freight forwarding groups to demonstrate the benefits, and engaging with shipping companies. 

“Because ultimately, if enough of them agree, making some type of commitment to a carrier on loads as a whole is a lot less risk than one of them sticking their neck out. So that's where we're at right now,” Rabenn said. 

Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel. 

 In the latest episode of “Talking Trade,” British Consul General in Chicago Richard Hyde says the new trade deal between the United States and United Kingdom includes key provisions on agriculture that will benefit both countries. 

“This is something we’ve been talking about for a number of years, since we left the European Union this has been one of the big things that we’ve been trying to achieve,” Hyde said of the deal. “And it’s been challenging, and so it was a big breakthrough for us.” 

After the framework for the deal was announced earlier this year, both U.S. and UK leaders recently signed it during the G7 conference in Canada, Hyde noted. He argued the trade deal is “all about mutual prosperity” for both countries. 

“The U.S. and the UK have a trade relationship that’s balanced, that’s fair and frankly is reciprocal,” he said, adding “we are not a threat to U.S. jobs … we do not undercut you on steel or agriculture or anything else that people are rightly concerned about. But we are a complementary economy.” 

Hyde said agriculture is “always the most complicated” and often emotional part of international trade agreement negotiations, given the pride people take in what they produce and differences in how they make it. 

One element of the trade deal aims to increase U.S. ethanol exports to the UK through a new quota, he noted. Another will open up beef imports and exports between the two nations, which Hyde says will give farmers certainty that they can “sell in much bigger quantities” outside of domestic markets. 

Still, he said this represents a “starting point for our agricultural conversation” between the countries. 

“There’s much more we can do, and there’s much more we want to do on this, but we don’t want to hold everything up,” he said. 

The discussion also touches on changes in food standards over time, trends in other commodities such as steel and aluminum, trade imbalances and other topics. 

Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel. 

 In the latest episode of “Talking Trade,” Prof. Denis Leclerc of the Thunderbird School of Global Management at Arizona State University shares insights on negotiating international trade deals. 

Leclerc, who teaches cross-cultural communication and global negotiations, emphasizes the importance of building trust for developing international trade. He also raises the question of whether European countries and Canada can trust the United States as a trading partner amid ongoing tariff tensions. 

“If you don’t have that trust, where you know, we understand, we’re going to trade goods and services because it's in both’s interest, both benefits … both sides are going to lose that part, that notion of trust,” he said. 

He predicted exchanges between the U.S. and these major trading partners going forward will fall under the concept of “distributive bargaining,” in which negotiations are focused on dividing up a fixed amount of value. 

“This is what we’re seeing right now … most global economies don’t like that. What they want is a system that’s not based on, you know, one-to-one issue,” he said. “They like to have a stable system, might not be the best system, but at least it’s stable.” 

Leclerc explained that stability enables better planning, as consistent costs can be used in making business decisions and calculations. As tariffs on specific countries, industries and goods change week by week, he noted “everybody’s … pretty stressed” about the uncertainty. 

“Issues like, can I trust what I’m signing now going to be good in six months from now?” he said. 

The discussion ranges from the United States’ relationship with other trade partners such as the United Kingdom to resources available for companies looking to reach international markets and related opportunities. 

“Do the work to make sure you understand the market, because you’re going to have to change,” Leclerc said. “Like if you want to be very practical to talk about cross-cultural issues, you might have to change your labels … you might have to do a lot of things that you are not used to.” 

Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel. 

In the latest episode of “Talking Trade,” Chris Wojtowicz of the Wisconsin Small Business Development Center discusses the latest developments in federal tariff policy. 

Wojtowicz, an international trade consultant and chairman of the Wisconsin District Export Council, says he’s urging his clients to stay positive despite the current uncertainty. 

“The world’s not fallen or coming to an end, there are a lot of opportunities to be found out there … politics and governments and personalities and rhetoric aside, people are still looking for your solution,” he said. “So let’s lead with that.” 

He shares examples of how he’s working with clients to navigate the international shipping landscape given tariff-related challenges, including finding ways to avoid paying certain taxes when “re-exporting” goods. 

Wojtowicz also touches on U.S. relations with other countries, noting Canada is “still charging us 25% in retaliatory tariffs even though we’re not charging them,” and referencing the Trump administration’s alienation of some Canadians. 

And while he’s telling clients to take some of the president’s rhetoric with a grain of salt, he notes it can also signal the administration’s next moves. 

“Does that mean ship now, get stuff on the water and panic? No. But be prepared, that’s what it means,” he said. “And you know, it’s difficult. It really is. I’m trying to tell my clients to be proactive rather than reactive.” 

Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel. 

In the latest episode of “Talking Trade,” Aquarius Systems President Jane Dauffenbach discusses how tariffs are impacting the North Prairie company. 

The business makes various machinery for aquatic applications, ranging from weed harvesters to excavators, transport barges and more. 

Dauffenbach says Aquarius Systems has been exporting since 1970, shipping aquatic plant harvesters to customers in Iceland’s kelp industry. Its products have now been shipped to dozens of countries across Europe, Africa, South America, Asia and elsewhere. 

“I would declare before the world, we were the first company to ever produce a marine debris collection vessel,” she said. “So we’re working hard now on trying to get the world out to the rest of the world that we’re the OG in that space.” 

The conversation explores how tariffs and related uncertainty are throwing a wrench into Aquarius Systems’ operations, as two pending orders in Canada have been “tabled” amid trade tensions with the U.S. government. 

“My concern is that it’s because they’re irritated right now with the United States,” she said. “With that said, we are producing two other machines that are going to Canada, this summer we’ll be shipping. And our customer there is concerned about retaliatory tariffs.” 

The majority of the company’s customers are government entities, and Dauffenbach said one of its buyers in Canada doesn’t have enough wiggle room in its municipal budget to pay for the increased price under reciprocal tariffs. 

Other prospects in Canada have remained “receptive,” she said, though she said she’s heard from other companies that have been stonewalled entirely “with almost no explanation.” Still, she said the business is also getting new inquiries from buyers in other countries that would be affected by tariffs. 

Dauffenbach highlights some lessons learned from the pandemic-era supply chain disruptions, noting Aquarius Systems has modified its pricing structure to avoid getting caught by abrupt spikes in material costs. She also stresses the importance of export markets to the company’s future. 

“I don’t know that there’s enough United States business to support the folks that are in this business long-term,” she said. “Because we need the world market, we need to have these other places to sell our product, in my opinion. It’s certainly contributed to, you know, to our success and I would hate to see that go away.” 

Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel. 

 In the latest episode of “Talking Trade,” Michael Best Strategies Partner Sarah Helton offers an update on the latest tariff developments. 

Helton, the practice group chair for government and trade for the advisory firm, said the recent 90-day reprieve from more substantial tariffs on most countries is giving businesses some wiggle room to adjust supply chains and other factors. 

“What a sigh of relief for a lot of companies that are impacted in a negative way by these tariffs,” she said. 

Helton noted the Trump administration has signaled that negotiations are advancing with other countries, adding foreign leaders are coming to the table as a result of the current U.S. trade approach. 

The conversation also touches on the “all out trade war” between China and the United States, as Helton notes retaliatory moves show that China isn’t backing down. 

“With all of this ramping up, and the retaliatory tariffs on our side ramped up further, you’re looking at the overall landscape and by our calculations, depending on what you add in it … you’re facing a near 170% in retaliatory tariffs,” she said. “That is incredibly impactful.” 

Still, she said observers are “starting to see some language” from U.S. officials about wanting to make a deal with China. 

“Understanding what does that mean for China to come to the table, what does that mean for the U.S. to come to the table,” she said. “From my perspective, I do think that you’re going to start to see that at some point. The timeline of it is unclear right now.” 

Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel. 

In the latest “Talking Trade” podcast, WEDC Chief Operating Officer Sam Rikkers discusses tariffs, export trends and how the agency helps Wisconsin businesses reach international markets. 

He touches on a recent trade mission to Mexico that was organized by the Wisconsin Economic Development Corporation. It included a handful of businesses across agriculture, manufacturing and chemical industries. 

Rikkers called the trip “tremendously successful” for the companies, most of which had never been part of a trade mission before. 

“Mexico, as Wisconsin’s second largest trading partner, is a place that we go back to quite regularly,” he said. “And that’s because our Wisconsin companies, when they’re looking to expand their markets, they’re looking at our neighbor to the south as a place of just tremendous opportunity.” 

He also highlights trends in Wisconsin exports, noting the state’s expertise in industrial machinery, plastics, farm products and more. 

The conversation explores the latest developments with international tariffs and possible impacts on Wisconsin exporters. Rikkers underlines the uncertainty that businesses are grappling with as the situation changes daily. 

“That’s what we certainly know in business across Wisconsin, that the single greatest premium is certainty,” he said. “After that, there’s a lot of other considerations, but the first thing is certainty of what the rules of the road are.” 

Amid this uncertainty, Rikkers says WEDC’s role has been to “communicate stability” as it works with businesses in Wisconsin. 

“From both the data that we know, and who we’re trading with most and who’s investing most with us, our partners will remain Canada, Mexico, Germany. The Chinese market is just too big to ignore,” he said. “And that’s what we hear from our businesses.”

Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.