Mark Zandi: Tariffs Mean ‘Higher Prices and It Means Fewer Jobs,’ So ‘Buckle In’

EXCERPT:

ZANDI: “Right now the average car price is $50k. So that means you're going to be paying $55k to $60k as a result of the tariffs. And then I do expect that it's going to cost jobs. You'll see retaliation, we just heard the Canadians talk about this. Other countries will respond, no doubt. And that means U.S. manufacturers are going to have trouble selling what they produce to those countries and it'll cost jobs. And you don't really need to go too far back to see this. If you go back to President Trump's first term and look at what happened with manufacturing activity, jobs and prices, the tariffs resulted in the kind of damage that I'm talking about. So, and here we're talking about much higher tariffs. So I buckle in, I think this means higher prices and fewer jobs.”