Immigration policy meets higher ed from Marketplace. I'm Sir Rebenishore in for David Brancaccio.

First, President Trump announced new tariffs on softwood timber, 10%, and some wooden products, 30%, and specified tariffs on kitchen cabinets, 50%.

Some of these tariffs kick in fully on October 14th.

Others come in stages through January 1st.

The president said these tariffs were justified on national security grounds and to support the domestic timber industry.

The U.S. Chamber of Commerce has argued that when it comes to timber, there is no national security issue.

Dr. David Kelly is chief global

strategist at J.P. Morgan Funds. Hi, David. Good morning. All right. So let's start with tariffs.

We've got these new tariffs on lumber, additional tariffs on kitchen cabinets, furniture,

pharmaceuticals last week. You know, we're no stranger to tariffs at this point, but we're getting

more. And what do you think these are going to do for the economy? Well, I think what we've learned

over the last few months is the tariffs have a delayed impact on the economy. It takes a while

for the price increases to kick in and for businesses to pass those onto consumers.

So just because it hasn't hurt that much so far, it doesn't mean it won't hurt more going

forward.

The other thing is just the confusion.

I mean, what we need is a fixed-level playing field.

At least we need to understand what the rules of the game are.

And the problem is if tariffs are designed to cause people to relocate

manufacturing to the United States, you kind of have to know what they are sort of once and for all.

So if you keep on changing the rules, people just don't make any decision at all. And of course,

that's bad for business both here and around the world.

...