The Tariff Trade Off: Jobs vs. Higher Prices

关税权衡:就业与更高价格

The Journal.

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2025-04-09

19 分钟
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President Trump is ramping up his long-planned tariff war, promising to restore “Boomtown USA.” Before the start of the president’s first term, one small town made a bid to revive its manufacturing glory days. After a foreign company came to town, it made some headway. WSJ’s Chao Deng explores the story of Newberry, South Carolina. Further Listening: - Wall Street Speaks Out Against Tariffs  - Trump 2.0: Trade Wars and Deportation Battles  - Trump’s Tariffs Force a New Era in Global Trade  Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
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  • Rick Farmer works in Newberry, South Carolina as the county's economic development officer.

  • So tell us about Newberry.

  • First of all, it's a great little community.

  • The city's motto is the city of friendly folks.

  • It is, in a lot of ways,

  • it's similar to other small South Carolina towns, or small cities actually, populations about 10,000.

  • Are there grumpy folks in Newberry?

  • Oh sure, they're everywhere.

  • Back in 2016, Rick got some bad news.

  • I remember like it was yesterday, April of 2016, I got a phone call, hey Rick, did you hear the news?

  • And the news was our local caterpillar plant was closing.

  • Caterpillar, the iconic American manufacturer of construction equipment.

  • It was leaving its factory in Newberry, and that meant losing over 300 jobs.

  • When you first heard that news that they were moving out, how would you describe it?

  • Well, I knew there would be a lot of concern because, again, it was our number one brand.

  • It was the most recognized brand that was here in Newberry County.

  • They were some of the best jobs in the community,

  • and I remember standing on the floor of Community Hall explaining to the Rotary Club why this is not the end of the world.

  • But at the same time,

  • I just wondered how much of that I really believed and how much of that I was just trying to keep folks from panicking.