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HARTFORDBUSINESS.COM | JANUARY 13, 2025 21 ECONOMIC SCORECARDS ORDER BY 6 PM FOR SAME DAY SHIPPING 24_014500_Hartford_Business_Journal_JAN Mod: December 16, 2024 10:56 AM Print: 12/27/24 2:45:26 PM page 1 v7 WORK IN STYLE COMPLETE CATALOG 1-800-295-5510 uline.com π The uncertainty of both the tariff and immigration policies will be a brake on the economic growth currently being experienced. Federal tariff and immigration policies could stall economic growth T he year ahead represents a transition from a Democratic to Republican White House. The Biden administration's focus was recovery from the COVID-19 pandemic and problems related to the pandemic. The Inflation Reduc- tion Act, CHIPS and Science Act, and American Rescue Plan were massive fiscal policy interventions that stabi- lized the economy and supported millions of American households struggling because of the pandemic. These interventions and the pandemic also had negative conse- quences for the economy, primarily inflation. It was because of the predict- able rise in inflation that Congress and the administration changed from Democrat to Republican control. This coming year will also bring about a shift in economic priorities. The incoming administration has promised an aggressive policy of tariffs on China, Mexico, Canada and the European Union. A tariff policy, if enacted, will have a negative impact on the U.S. economy because there will be a reaction by the affected countries and regions, which will impose their own retaliatory tariffs on U.S. goods and services. Nobody wins in a trade war except the protected companies that do not compete in international markets, and there are few of them in today's globally connected world. The second policy is the plan to round up over 1 million illegal immi- grants and return them to their country of origin. This is also a massive and economically disruptive plan that ignores the economic reality that many of these workers are performing jobs and in sectors — like agriculture and retail services, food, manufac- turing and construction — that are suffering from real labor shortages. Fred MCkinney President BJM Solutions LLC HOW MANY JOBS WILL CT ADD IN 2025? 5,000 WHAT'S YOUR 2025 ECONOMIC OUTLOOK FOR CONNECTICUT? Moderate Growth WHAT WILL CT'S UNEMPLOYMENT RATE BE AT THE END OF 2025? 4% to 5% WHAT TYPE OF GDP GROWTH WILL CT SEE IN 2025? 2% WHICH INDUSTRIES WILL ADD THE MOST JOBS? Defense, technology and health care WHICH INDUSTRIES WILL LOSE THE MOST JOBS? Higher education and insurance