The soy tariffs are a regular story in Illinois (guess we produce more soy than any other state?) but, personally, steel costs have been a constant point of concern with everyone I talk to in the construction business. We’ve been seeing a ton of building the last few years but that can start drying up now that steel is costing 25% more. Or other aspects get scaled way back since you’re sinking all your budget into steel. Was talking to a guy last week saying that he needed to cut back the other trades and building options because steel was consuming the budget.
No idea if it’ll make a difference in the midterms but it’s definitely on people’s minds.
There aren’t political consequences as long as the economy doesn’t slow and keeps adding jobs. It takes time for these two factors to impact hiring and inflation, but when they do, that’s when companies stop hiring. That’s when wages flat-line. That’s when investors pull back. All sectors of the economy get stung.