Local concern over prices of imported cars, food as tariffs loom
HARTSDALE, New York (WABC) -- President Donald Trump has announced reciprocal tariffs that could have a global economic impact.
While the announcement could add ammunition to the ongoing trade war, questions still remain about exactly which countries will be targeted and which industries will see the brunt of it.
Genesis of White Plains is the largest Genesis dealership in the United States.
Business is booming; they had a 15% jump this month alone, driven by concerned customers.
"Probably 25 cars that we sold over the weekend, and it was just all people that were really concerned about the tariffs going into effect," said Jeffrey Friedberg, General Manager, Genesis White Plains.
But long term, there are questions about the impact of those tariffs, the details of which the Trump administration would announce later Wednesday.
Genesis vehicles are primarily manufactured in Korea and are subject to Washington's tariffs on imported goods, which could lead to higher prices.
"It reminds me of COVID, and yeah, obviously we all came out okay from COVID, but prices, of course, have definitely gone up in the past five years," he said. "And it's another concern that the pricing of cars will be too expensive for customers," he said.
The goal, President Trump says, is to increase manufacturing in the U.S. and to "liberate" Americans from dependence on goods produced abroad, including groceries.
H-Mart specializes in Asian food, and customers say they've already begun making adjustments.
"We were just inside looking at the price of every meat and checking because now we have to take care of this," said customer Anna Reis.
Meanwhile, the CEO of U.S. Lumber, Solomon Zafir, said their industry would be impacted.
"Wood coming from Canada is a big...I would say huge impact," Zafir said.
With cedar, for example, the price is so uncertain that suppliers haven't wanted to stock it, which could create a domino effect on builders.
"The home building industry is gonna be tremendously affected," said Matt Cohen, president and CEO of the Long Island Association.
On Long Island, business groups are most concerned about smaller businesses who have already weathered so much.
"They've taken a few punches to the gut in the last several years, with COVID, with lockdowns, with shutdowns, and quarantines, supply chain problems, sky high interest rates," Cohen said.
So for now, consumers are left mulling workarounds and hoping it all pays off in the long term.
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