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John Deskins<\/p>\nMORGANTOWN, W.Va. \u2014 As the self-imposed tariff deadline approaches, markets are hoping for more predictable times ahead.<\/p>\n
John Deskins<\/p>\n
WVU Director of the Bureau of Business and Economic Research John Deskins said he believes deals will get done because of the size and opportunity the United States economy offers. The American consumer base numbers about 330 million people, many with some of the highest incomes in the world.<\/p>\n
\u201cThe United States accounts for about 25 percent of all economic output in the entire world even though we\u2019re only four or five percent of the world population,\u201d Deskins said Thursday on MetroNews \u201cTalkline.\u201d \u201cSo, these countries need to have access to the United States market.\u201d<\/p>\n
Despite the recent strong announcement of a three percent increase in the gross domestic product, inflation remains a concern. Deskins said the inflation rate is still closer to three percent than to the Federal Reserve\u2019s target of two percent.<\/p>\n
\u201cWe\u2019re still waiting to see what happens to numbers over the next few months and we\u2019re still waiting to get final certainty around tariffs so things aren\u2019t as bad as we thought but we are seeing mixed signals and things are still wait and see.\u201d<\/p>\n
Earlier this year, economists and pundits predicted a crashing economy due to Trump\u2019s trade policies. The high tariff rates suggested at the time created uncertainty, leading to dire projections \u2014 projections that ultimately did not come to pass in the latest quarterly report.<\/p>\n
\u201cNow it seems like 15 percent or somewhere between 15 or 20 percent tariffs is going to be the norm coming from Trump and that\u2019s not nearly as scary as what we were thinking back in April,\u201d Deskins said.<\/p>\n
Many are celebrating the recent 3 percent GDP growth in the second quarter, but concerns remain. According to Deskins, the increase was largely due to a 30% drop in imports, which followed a surge in the first quarter when businesses stockpiled goods ahead of expected tariffs.<\/p>\n
\u201cThat\u2019s what I\u2019m talking about when I say wait and see and that\u2019s what I\u2019m talking about when we say we really have to look at that inflation report,\u201d Deskins said. \u201cBecause as soon as those stockpiles are gone then we\u2019re going to see the effect of these 15 to 20 percent tariffs on imported goods.\u201d<\/p>\n
Deskins called the idea \u201cabsurd\u201d when asked about the possibility of tariff rebate checks for American taxpayers. He noted that the national debt has reached $37 trillion and continues to grow. This year alone, the federal government is expected to spend $1 trillion more than it collects in revenue, making a rebate program highly unlikely.<\/p>\n
\u201cWe owe people $30 trillion in money that\u2019s floating around in the form U.S. Bonds that are all across the world,\u201d Deskins said. \u201cSo, the notion of rebating that money when we have a deficit of over a trillion- that\u2019s utterly nonsense.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"MORGANTOWN, W.Va. \u2014 As the self-imposed tariff deadline approaches, markets are hoping for more predictable times ahead. John…\n","protected":false},"author":2,"featured_media":51619,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-51618","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/51618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=51618"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/51618\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/51619"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=51618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=51618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=51618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}