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'Meet in the middle': Tariff uncertainty may cause issues for consumers in China, US, economist says
WBAL-TV, April 9, 2025
With many eyes on the stock market and uncertainty surrounding President Donald Trump’s announcement on tariffs, RESI Chief Economist Daraius Irani said that people should not panic. He suggested that individuals should avoid pulling their money out of the market unless absolutely necessary, as the market is expected to recover in the long term. He explained that tariff hikes contribute to market fluctuations by creating uncertainty, as nervous consumers have a tendency to reduce their spending. This can be damaging for businesses that rely on consumer spending, which drives 70% of the U.S. economy.
Economists predict cost-of-living increase of $1,200-$2,000, fear recession
WBAL-TV, April 7, 2025
RESI Chief Economist Daraius Irani weighed in on how tariffs could impact Marylanders after President Donald Trump announced reciprocal tariffs. He explained that many developing countries implemented similar tariffs in the 1960s and 70s to protect their domestic industries. However, this often insulated their nascent industries from the pressures of global competition. When the U.S. has taken similar actions in the past, it has resulted in economic downturns. Irani added that due to the newly announced tariffs, the probability of a recession has increased to 60–70%, compared to just 10–15% before January. He also raised concerns about stagflation, where prices rise while economic growth slows. He emphasized that a potential trade war, which “no one wins,” could impact both the U.S. and the global economy. While Maryland’s sole Republican member of Congress supports the tariffs, another representative argued that they will cost the average household thousands of dollars per year, including up to $6,400 more to buy a new car.
Federal contractor layoffs in MoCo, state increase as Trump slashes federal spending
BethesdaToday, April 16, 2025
This year, 3,000 employees at companies with federal government contracts have received layoff notices. Most of these layoffs are from companies based in Montgomery County, followed by Prince George’s County and Baltimore City. RESI Chief Economist Daraius Irani said these layoffs will have a major impact on the state’s economy. He explained that the federal government has played a key role in providing employment through various agencies and by offering federal contract opportunities, both of which have been vital to Maryland’s economic stability. With these layoffs, not only will the state feel the economic effects, but Irani also fears they may disproportionately impact marginalized communities, as these jobs were critical for areas with limited employment opportunities.
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