ATLANTA — It was another turbulent day on Wall Street as the markets reacted to the threat of more tariffs on China.
Rumors of a possible 90-day pause on the tariffs sent the markets into positive territory only to plummet again when the White House not only called those rumors “fake news,” but it also threatened additional tariffs on China.
One economist told Channel 2’s Richard Elliot that a recession is inevitable.
Georgia Tech economics professor Tibor Besedes specializes in international trade.
He said the tariffs are based more on politics than on any economic theory and that the formula used by the White House to calculate them is fundamentally flawed. He said unless things change and change quickly, we will see a recession.
TRENDING STORIES:
- Woman whispers ‘help me’ to Amazon delivery driver after allegedly being choked by ex-husband
- Grand jury indicts man accused of trying to kidnap child at Walmart in Acworth
- Cartersville police arrest woman on murder charge after she called 911
“The reduction in economic growth is sufficiently severe that we’re going to have to go through a recession,” Besedes said.
Back to the political side, Georgia Republican U.S. Rep. Rich McCormick, like President Trump, is standing firm behind the idea that the tariffs will work in both the long and short term.
“Once again, President Trump is a bold man,” McCormick said. “The long-term consequences and the short-term consequences will reduce tariffs around the world both going and coming when it comes to free trade, which is exactly what we want.”
But Georgia’s Democratic U.S. Senator Jon Ossoff insists these tariffs are going to hit Georgia hard.
“I think this has been recklessly done, and I’m seriously concerned about the potential economic impact on Georgia.
Besedes thinks we will see a recession if things don’t change very quickly, which could impact all sectors of Georgia’s economy, from car production to timber.
©2025 Cox Media Group
