On the Record: Tariffs and trade policy winners and losers in Central Illinois
Chris Setti, CEO of the Greater Peoria Economic Development Council, joined 'WMBD News: On the Record' to discuss industry challenges and his recent trade mission to Mexico.
'I think that the main issue really has been uncertainty. Businesses like to be able to plan for the future, right? They want to be able to plan for their supply chains and what their customers might need and pricing,' he said.
While the turbulence in trade policy has raised concerns across many sectors, it's not all bad news. Setti pointed to Liberty Steel in Bartonville as a potential winner.
'A 50% tariff on imported steel helps level the playing field for them,' he said. 'They've struggled to compete with cheaper foreign steel, especially from China. This move allows them to invest more confidently in their plant.'
But not everyone is cheering.
Construction firms and agriculture businesses are worried about rising costs on imported materials like potash, an essential ingredient in fertilizer.
'It cuts both ways,' Setti said. 'There are winners and losers in every policy decision, no matter which administration is in charge.'
In April, Setti joined Gov. JB Pritzker for a trade mission to Mexico City to explore opportunities for collaboration.
'It was a fantastic trip,' Setti said. 'There's a lot of trade between Illinois and Mexico for exports and for imports. We met with Mexican business leaders and showcased what Greater Peoria can offer.'
He also recently attended SelectUSA, the country's largest summit for foreign direct investment, as part of Team Illinois.
'Trade is so important to economics. It's all relationship-based. People do business with those they know,' he said. 'For a lot of foreign countries and foreign companies, they've never heard of Peoria to the extent they've heard of Illinois.
'They know about Chicago. So when they get a chance to meet with us, and others from central Illinois, we're able to really showcase what we have to offer them,' Setti said.
Catch 'WMBD News: On the Record' on Saturday nights at 10 p.m.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
10 minutes ago
- Yahoo
Core Laboratories (CLB) Falls Amid a Difficult Time for the Oilfield Services Sector
The share price of Core Laboratories Inc. (NYSE:CLB) fell by 11.35% between July 11 and July 18, 2025, putting it among the Energy Stocks that Lost the Most This Week. A drilling rig manned by engineers and oil field workers preparing to explore a new petroleum reservoir. Core Laboratories Inc. (NYSE:CLB) is a leading global provider of proprietary and patented reservoir description and production enhancement services and products for the oil and gas industry. Core Laboratories Inc. (NYSE:CLB) slumped this week after Stifel lowered the firm's price target from $13 to $12, while maintaining a 'Hold' rating on its shares. The move reflects the analyst's overall bearish outlook for the overall oilfield services sector, which has significantly underperformed the broader market since the beginning of 2025. The oil and gas services industry is expected to post a decline in profits this earnings season due to an overall slowdown in drilling activity, caused by falling crude oil prices and global economic uncertainty due to President Trump's tariff war. It is also expected that the guidance for the second half of this year will probably be lowered among oilfield contractors, further weighing down their stocks. While we acknowledge the potential of CLB as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 12 Best Oil and Gas Dividend Stocks to Buy Now and The 5 Energy Stocks Billionaires are Quietly Piling Into. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10 minutes ago
- Yahoo
Halliburton Company (HAL) Falls Amid Lower Expectations for Q2 Profits
The share price of Halliburton Company (NYSE:HAL) fell by 8.06% between July 11 and July 18, 2025, putting it among the Energy Stocks that Lost the Most This Week. A drilling rig in the desert with an orange sunset in the background. Founded in 1919, Halliburton Company (NYSE:HAL) is one of the largest providers of products and services to the energy industry in the world. Halliburton Company (NYSE:HAL) received a setback this week after Stifel lowered the stock's price target from $32 to $31, while reiterating a 'Buy' rating on its shares. The price cut comes as the oilfield services industry continues to struggle following a slowdown in drilling activity amid choppy crude prices, economic uncertainty, and the impact of President Trump's tariff war. As a result, analysts expect Halliburton Company (NYSE:HAL) to post a 30% drop in profits in its Q2 2025 – the company's worst decline since 2021. While we acknowledge the potential of HAL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 12 Best Oil and Gas Dividend Stocks to Buy Now and The 5 Energy Stocks Billionaires are Quietly Piling Into. Disclosure: None.
The Hill
12 minutes ago
- The Hill
Nearly two-thirds disapprove of Trump's handling of inflation: Survey
Nearly two-thirds of Americans disapprove of how President Trump has handled inflation — one of his key campaign promises, a new poll has found six months into Trump's second term. The CBS News/YouGov poll released Sunday also found that half of U.S. adults think that the Trump administration's policies have made them 'financially worse off' and 62 percent think the White House's policies have driven food and grocery costs up. Inflation rose by 2.7 percent in June, as businesses passed the costs of Trump's tariff hikes onto consumers. Trump has insisted, though, that inflation has settled as he has pressed Federal Reserve chair Jerome Powell to lower interest rates. The White House has cited 'core inflation,' which excludes energy and food prices, as an indicator of positive movement on the issue. Core inflation hit 2.9 percent in June, below the expected 3 percent but up from 2.8 percent the month earlier. 'The USA is Rockin', there is VERY LOW INFLATION,' Trump wrote in a Truth Social post on Friday. More than three-fourths of Republicans surveyed in the new poll said they approve of Trump's handling of inflation, while Democrats and independents overwhelmingly disapproved at 95 percent and 72 percent, respectively. The White House didn't immediately provide comment for this story, but it touted Trump's inflation record in a news release last week. 'Every month since President Trump took office, core inflation — the best measure of inflation — has beat or matched expectations,' White House press secretary Karoline Leavitt said in a statement Tuesday. 'The data proves that President Trump is stabilizing inflation and the Panicans continue to be wrong about tariffs raising prices.' The president has pressed for lower interest rates, but economists warn that such a move could drive inflation higher. The CBS News/YouGov poll found people were split on the issue: 39 percent said that the White House's priority should be keeping interest rates where they are to try to control inflation; 34 percent said interest rates should be cut; and 27 percent said they were not sure. The CBS News/YouGov poll surveyed 2,343 adults nationwide Wednesday through Friday. The margin of error is 2.5 percentage points.
