Michigan made is something to be proud of, but with a new administration coming into play at the White House next year questions about the financial outlook for 2025 continue to pop up.
This comes as President Elect Donald Trump Tariff policy continues to loom over the economic future of the country.
Trump announced back in November his intentions to impose an additional tariff percentage on three of the U.S's biggest trade partners, with China receiving a potential 10% Tariff on all imported good, while Mexico and Canada are each projected to see a raise of 25%.
And that could spell trouble for United States economics.
"Most of the time, what we expect to find is the consumer ends up paying for most of the tariff," said Matt Ross,a professor of Finance at Western Michigan University. " These tariff policies, there's a lot of uncertainty, but if they're implemented, that could add some fuel to the fire, so I think there's a real possibility of a recession generally.”
That's not the news many consumers want to hear around this time, as prices continue to go up and up for goods.
“I mean, the last four years we've seen huge rises in the price of groceries, and it has been hard.” said Isaac Frampton, a Grand Rapids Resident.
And that affect could be felt in and around the mitten, especially with Michigan and Canada having one of the better trade relationships of any U.S state, specfically with Ontario.
"Michigan exports an awful lot to Canada," Ross said. " The Grand Rapids market, Kalamazoo market, both major exporters, exporting billions of dollars every year, over to over to Canada. So, I would expect that if this is implemented, it would not be a positive for the Michigan economy."
The potential rise in prices could be felt from the grocery stores all the way to the gas pumps, which many Michiganders are not ready for.
"'I've seen, you know, just in like, a bottle of pvc glue went from like, three bucks to seven, eight bucks," said Alejandro, a Grand Rapids resident. " You know, for the same size. You know, it's hurts my pockets because I'm like, I can't, I can't justify charging my customers this for this XYZ.”
Trump’s team met with members of Canadas cabinet on Friday evening to discuss the looming tariff raises, but no commitments were made at this time.
Trump claimed last month the tariffs would go into affect by January 20th.
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