Tariffs on goods imported from the US' largest three trading partners—Canada, Mexico, and China—will result in 0.6% rise in US inflation over four quarters, The Conference Board modeling shows. Consumers will definitely feel the bite in the short term, but will the administration's long-term strategy pay off?

Join Steve Odland and guest Erin McLaughlin, Senior Economist, to find out why reshoring is more complicated than it sounds, when "made in the USA" may not be, and how some negotiating tools may really just be…negotiating tools.

(00:59) Understanding Tariffs: Basics and Definitions (02:08) The Impact of Tariffs on the U.S. Economy (03:05) Tariffs as a Negotiation Tool (03:56) Global Trade and Tariff Strategies (05:07) Inflation and Consumer Impact (09:31) Reshoring and Supply Chain Challenges (15:59) China vs. North America: Different Tariff Strategies (21:43) Business Strategies Amid Tariff Uncertainty

For more from The Conference Board:

• Impact of Tariffs on Three Largest US Trading Partners

• US Tariff Plan Would Cut GDP Growth, Swell Inflation

• The State of the Economy for February 2025

• Steel and Aluminum Tariffs Will Hike Costs