Latest news with #MattFarkas
Yahoo
05-04-2025
- Business
- Yahoo
New tariffs expected to have pros and cons in western Massachusetts
CHICOPEE, Mass. (WWLP) – As the trade war unfolds, China strikes back with 34% tariffs on U.S. imports. For the last decade, the U.S. has been trying to increase global trade, lower trade barriers, and lower tariffs, but investors told 22News that this is a step in a different direction. Some items like toys that are in the U.S. right now are not taxed, but by the end of the summer, they are expected to be. 'There's always a debate about who pays a tariff, is it the consumer, is it the company that's exporting it, is the country that's importing it, here in the U.S?' said Matt Farkas, Senior Vice President, Head of Fixed Income at St. Germain Investment Management. President Trump has claimed that foreign countries pay tariffs, however, some tariffs are paid by U.S. importers that pass down the cost to consumers. If the tariffs stick, investment professional, Matt Farkas said some prices on items like TVs, auto parts, and toys may increase. That's why PlayNow! Owner Ray Vigneault is filling up his stores now. He doesn't want to charge his customers a 50% increase now. All the items on the shelves at PlayNow! were not made in the U.S., they were made in China, Vietnam, and Mexico. The tariffs will raise prices on items that are $5 to $7.50. 'What we expect is that the companies are going to raise prices, which they already started to announce, but then again {they} may hold off on ordering more products themselves, so there could be shortages coming out over the summer,' Ray Vigneault, Owner of PlayNow! This is something Vigneault and other importers are hoping isn't similar to the shipping price hikes, during the COVID-19 pandemic. 'Now it's really hard to say anything with a lot of certainty. Because some think that these tariffs are a starting point for negotiation and they may not be here at this level for very long and they may be reduced pretty quickly,' said Farkas. While this may be a one-time bump up in prices for everyday goods, investors told 22News it could also bring more jobs. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
11-03-2025
- Business
- Yahoo
Experts warn of recession concerns amid market drop
CHICOPEE, Mass. (WWLP) – We are hearing from financial experts as concerns of a recession here in the U.S. continue to grow. This comes as the stock market dropped by several hundred points earlier today, following a dismal last week. President Trump said over the weekend that he would not rule out the possibility of a recession, adding that the economy will experience a 'period of transition' because of the administration's tariff policies. Financial experts say to remain cautious during this time of uncertainty and if you are investing…Consider diversifying your portfolio. Senior VP at Saint Germain Investments Matt Farkas, told 22News, 'For investors and to some extent consumers—don't overreact to this. That is where people typically get in trouble. They make a rash decision with their 401k, go to all cash, get out of the markets completely. Rarely does that work out. You need to develop an intermediate to long-term plan. Stick to that plan, and realize there will be bumps along the way.' The potential tariff impact as well as the labor market slowing are also contributing factors to fears over a possible recession. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
