SANTA BARBARA, Calif.-President Trump labeled the day "Liberation Day
Trump's 25 percent tariffs on imported autos and auto parts will be followed by 10 percent baseline tariffs on trading partners starting April 5th and reciprocal tariffs May 9.
Consumer reaction is mixed.
"I am in support of them absolutely, " said Mario Coronado, "because if a country is charging us 50 percent on our goods and we are charging them nothing that doesn't seem very fair."
"I am concerned about what is it going to do to our economy we are already at a place where we are at maximum you know I work four jobs to try to make ends meet here in Santa Barbara," said Eiko Kitao.
"I don't know what Liberation Day means but tariffs are a tax on imports," said economist Peter Rupert.
Peter Ruperts is the director of the UCSB Economic Forecast Project .
He said passing costs onto the consumers is the way economics works.
"Economics is not political, economics is about supply and demand and incentives that people have given policies, so when you raise tariffs the incentive people have, you know, they are going to raise their prices and we are going to have to deal with higher prices," said Rupert.
Economics are watching for what they call elasticity that measures how buyers and sellers react to changes in prices.
"International trade has been happening for thousands of years and what we do is we trade for products which are cheaper for us to buy from somebody else and then they buy products that they can't make and that is just a win-win situation, putting on these tariffs, they are going reciprocate and all the sudden it is a lose-lose situation," said Rupert.
Rupert and a panel of economists will be talking about tariffs, housing, AI and more at the annual Santa Barbara County Economic Summit at the Granada on Monday, May 12 from 4:30 p.m. to 6 p.m.
For information visit efp.ucsb.edu . we will post a link to the information on our website.
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