Crypto News: How Trump's tariffs hit cities

This morning, US President Donald Trump imposed tariffs of 25% on imports from Canada and Mexico. Canada Prime Minister Justin Trudeau has already announced retaliatory tariffs, and Mexico President Claudia Sheinbaum plans to do so this weekend.

Bloomberg's Sarah Holder spoke with US Conference of Mayors President Andrew Ginther – the mayor of Columbus, Ohio – about his concerns for cities. As we watch the impact of these tariffs in real time, we've excerpted an edited piece of that conversation here.

Holder: The US Conference of Mayors' Executive Committee passed an emergency resolution yesterday opposing the tariffs. In a statement, you cited the "severe economic harm" they pose for cities, companies and consumers. Say more about this.

Ginther: What I think we're most concerned about is, this is really a tax on consumers. This is really gonna drive up the cost of housing. Housing is our number one priority as a conference. And it's [one of my] my number one priorit[ies] as mayor.

We already are swimming upstream, if you will, with respect to interest rates, cost of land, getting financing through lending institutions. And [some] estimates believe that this tariff will increase the cost of homes by at least 5%. So $21,000 more in cost to the median home price. And we already are struggling with the supply crisis.

We need more builders and developers from around the country to be building and developing in Columbus and central Ohio. And these tariffs will make it more difficult. It may put a damper on housing development further, which is the last thing we need right now.

So would you say that housing costs are your top concern when it comes to the impact of these tariffs?

They're one of the top concerns certainly at the conference and certainly, here in central Ohio, but it's also the economic impact on so many companies that rely on relationships, good strong trade partnerships with the US, Canada, and Mexico. And this is why the US Conference of Mayors stood with President Trump in passing the last US-Canada-Mexico trade pact back in 2020.

What are you going to be watching for in the coming days and weeks as these tariffs roll out?

We'll be looking at all of the housing indicators, any cooling off of companies in hiring expansion. The impact fuel and energy costs may contribute to a slowdown within our logistics industries here in central Ohio is a particular concern. And really taking a look at how companies are planning for the future based on if these tariffs are here for the short-term or longer term, and how that will impact our economic forecast and outlook here in central Ohio.

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