Joel L. Naroff is the president and founder of Naroff Economic Advisors, a strategic economic consulting firm in Bucks County. He advises companies across the country on the risks and opportunities that economic developments may have on the organization's operating environment.
Is manufacturing the canary in the coal mine? The ongoing trade war, coupled with the imposition of new tariffs on Chinese goods and the threat of additional tariffs later this year, have slowed U.S., Chinese, European and Asian economic growth.
Should tax incentives be used to foster economic development and if so, how? In short, they should, but with clear plans on how those incentives restructure the local economy so they actually create greater, sustained future economic growth.
Our trading partners will protect themselves by becoming less dependent on American products. China has incentive to restrict the export of rare earth metals, find alternative suppliers or develop industries to replace those that the U.S. dominates.