‘The Tariffs Are Just a Sideshow’: A Year-End Look at the U.S. Economy
On the podcast, RSM deputy chief economist Kevin Depew discusses recent trade developments along with insights from the latest Middle Market Business Index.
Kevin Depew, deputy chief economist and industry eminence program leader for RSM US LLP, spoke with Middle Market Growth about recent trade developments and the underlying issues impacting U.S. economic growth.
The U.S. recently agreed to a “phase one” trade deal with China and signed the USMCA trade agreement with Canada and Mexico to replace the North American Free Trade Agreement. Depew explained what those deals mean for the U.S. economy and midsize businesses in the year ahead.
He also addressed challenges beyond trade, including the tight labor market and the reluctance of U.S. businesses to make much-needed productivity-enhancing investments. Uncertainty caused by the trade war and the 2020 U.S. presidential election have made business leaders cautious, a sentiment reflected in RSM’s latest Middle Market Business Index, published on Dec. 18. Depew discussed the MMBI’s findings and what they reveal about how middle-market leaders are planning for the future.
“In some respects, when you look at the relationship between the U.S. and China, the tariffs are really just a sideshow. It’s an issue, not a trend. We’ll get past that at some point … What’s really at stake is the technological transformation and who is investing where.”
After each of his quarterly updates on the podcast, Depew shares what he’s been reading lately. In this episode, he recommended “The Order of Time” by Carlo Rovelli.
To hear more interviews with middle-market influencers, subscribe to the Middle Market Growth Conversations podcast on Apple Podcasts and Google Play.
