04-04-2025
Tariffs impact main streets across the tri-state, as well as Wall Street
HARLEM, Manhattan (PIX11) — President Donald Trump's executive order imposing tariffs ranging from 10 percent to more than 50 percent on goods from overseas is set to have a direct effect on people's bottom lines here at home.
That's the conclusion that a wide variety of economists and business analysts have made. Many local residents who spoke with PIX11 News are drawing the same conclusion and say that the impact is personal and negative.
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'It's gonna be a mess,' said José Gonzalez, who'd just gone shopping at the Harlem Whole Foods, 'and everything is gonna go up, and the people are getting hurt.'
Gloria Carmona, another local shopper, agreed. 'Food [prices are] going up,' she observed, 'and the money that we work for doesn't.'
Their comments were a reminder that while the tariff announcement had a significant impact on Wall Street on Thursday — the S&P 500 dropped nearly five percent — that can translate into tough economic times on Main Street. In their case, they were shopping on the main street of Harlem, 125th Street.
It's the home of big grocery store chains, including Whole Foods and Trader Joe's, as well as local clothing boutiques, beauty supply, and mobile phone stores, and pretty much everything in between. All of the commerce on 125th Street will be affected by the tariffs, according to most economists and business analysts.
Their number includes Paul Johnson, a professor at Fordham University's Gabelli School of Business.
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The tariffs are set to be imposed at the end of this week on '180 countries,' Johnson pointed out, adding, 'there's only 192 countries on the planet. So this is everybody.'
Nearly every nation across the globe — with a few notable exceptions, including Russia and North Korea — will have tariffs slapped onto goods they export to the U.S.
Anticipating that change are places like Fino, a clothing and shoe boutique on 125th Street. As its staff and its clothing labels point out, a lot of their ready-made clothing is from overseas.
That means one thing, according to Mohammed Mokrani, a sales associate.
'The prices, they're going to be more higher,' he said in an interview. 'That's why we're making good deals right now.'
Wilfredo Perez, a local resident, said that he was taking advantage of Fino's sales while he could. He was buying a charcoal gray vest that was on sale. He also said, though, that he's anticipating being affected by tariffs beyond just clothing.
Business analysts agree. They said that people should expect tariffs to cause higher prices on groceries, electronics, automobiles, clothing and shoes, furniture, wine, and spirits.
'Those are things we consume daily,' Perez said, while trying on the vest he'd wanted to buy. 'It's coming out of our pockets, and I don't think it's fair.'
Steve Wall had just bought a bottle of cologne from Spain when he was walking down 125th Street. He said that tariffs increase the cost of living, and that's detrimental.
'As long as prices stay the same, people's lives stay the same,' he said. 'I think people stay happier that way.'
Prof. Johnson, the Fordham Business School economic analyst, said that more information related to the tariffs is needed.
'There's got to be more clarity on why we're doing this,' he said. 'There's got to be a strategy on when we would lift tariffs and certain things. None of that has been articulated well.'
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