Latest news with #WMBDNews:OntheRecord
Yahoo
9 hours ago
- Business
- Yahoo
On the Record: Tariffs and trade policy winners and losers in Central Illinois
PEORIA, Ill. (WMBD) — Volatility from the shifting tariffs and trade policies of the Trump administration is the dominant stressor for businesses in the Greater Peoria area, according to the head of the region's economic development organization. Chris Setti, CEO of the Greater Peoria Economic Development Council, joined 'WMBD News: On the Record' to discuss industry challenges and his recent trade mission to Mexico. 'I think that the main issue really has been uncertainty. Businesses like to be able to plan for the future, right? They want to be able to plan for their supply chains and what their customers might need and pricing,' he said. While the turbulence in trade policy has raised concerns across many sectors, it's not all bad news. Setti pointed to Liberty Steel in Bartonville as a potential winner. 'A 50% tariff on imported steel helps level the playing field for them,' he said. 'They've struggled to compete with cheaper foreign steel, especially from China. This move allows them to invest more confidently in their plant.' But not everyone is cheering. Construction firms and agriculture businesses are worried about rising costs on imported materials like potash, an essential ingredient in fertilizer. 'It cuts both ways,' Setti said. 'There are winners and losers in every policy decision, no matter which administration is in charge.' In April, Setti joined Gov. JB Pritzker for a trade mission to Mexico City to explore opportunities for collaboration. 'It was a fantastic trip,' Setti said. 'There's a lot of trade between Illinois and Mexico for exports and for imports. We met with Mexican business leaders and showcased what Greater Peoria can offer.' He also recently attended SelectUSA, the country's largest summit for foreign direct investment, as part of Team Illinois. 'Trade is so important to economics. It's all relationship-based. People do business with those they know,' he said. 'For a lot of foreign countries and foreign companies, they've never heard of Peoria to the extent they've heard of Illinois. 'They know about Chicago. So when they get a chance to meet with us, and others from central Illinois, we're able to really showcase what we have to offer them,' Setti said. Catch 'WMBD News: On the Record' on Saturday nights at 10 p.m. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-05-2025
- Business
- Yahoo
On the Record: Navigating the rollercoaster stock market
PEORIA, Ill. (WMBD) — With rising prices, tariffs, and market instability making headlines, families and retirees are feeling the pressure. Financial advisor Rockie Ziegler, owner of R.P. Ziegler Investment Services, joined 'WMBD News: On the Record' to break down what's happening and how to stay financially steady during uncertain times. 'Wall Street really, really hates uncertainty. And with the current trade policy, if you can call it that, the current trade policy has created a lot of uncertainty,' he said. The constant announcements, pauses, and policy reversals are contributing to market instability because investors don't know what to expect even a week from now, Ziegler said. 'So with all of this uncertainty that's going on, it's caused Wall Street to be a little jumpy because we don't really know exactly what all the tariff situation is going to look like tomorrow, let alone in two or three weeks,' he said. Even traditionally safe investments like bonds have seen more volatility. 'Part of that has to do with pressure on the Federal Reserve to lower interest rates. So far, they haven't done that, and the bond market reacts to even the possibility of rate changes. That's created more ups and downs than we're used to seeing,' said Ziegler. So what does that mean for your stock portfolio? Ziegler said its a good idea to evaluate your investments and risk tolerance. 'There are companies in different market sectors that have more exposure to the tariff situation than others. So it's a good time to take a look at that and just take a look at your overall risk tolerance and determine, am I comfortable with this level of risk? Do I think I should take on more risk or am I not comfortable?,' he said. For those not heavily invested in the market, the financial strain is still being felt at the grocery store and gas pump. Ziegler's biggest piece of advice: Don't panic. 'Don't get too caught up in all of the negativity out there. There's a lot of negative headlines, a lot of negative articles, a lot of talk about recession, a lot of talk about bear markets, market drops, things like that,' he said. 'If you're an investor, if you're a shopper, don't panic. All this is temporary, just like most everything in life. This is temporary as well. It'll resolve itself one way or the other. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
