meta_pixel
Tapesearch Logo
Log in
The Journal.

The Tariff Trade Off: Jobs vs. Higher Prices

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.25.3K Ratings

🗓️ 8 April 2025

⏱️ 19 minutes

🧾️ Download transcript

Summary

President Trump is ramping up his long-planned tariff war, promising to restore “Boomtown USA.” Before the start of the president’s first term, one small town made a bid to revive its manufacturing glory days. After a foreign company came to town, it made some headway. WSJ’s Chao Deng explores the story of Newberry, South Carolina. Further Listening: - Wall Street Speaks Out Against Tariffs  - Trump 2.0: Trade Wars and Deportation Battles  - Trump’s Tariffs Force a New Era in Global Trade  Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Rick Farmer works in Newberry, South Carolina, as the county's economic development officer.

0:11.4

So tell us about Newberry.

0:13.8

Sure. First of all, it's a great little community. The city's motto is the city of friendly folks.

0:20.6

It is, in a lot of ways, it's similar to other small South Carolina. The city's motto is the city of friendly folks.

0:27.8

It is, in a lot of ways, it's similar to other small South Carolina towns, or small cities, actually.

0:29.4

Populations about 10,000.

0:31.8

Are there grumpy folks in Newbury?

0:32.9

Oh, sure.

0:33.6

They're everywhere.

0:39.8

Back in 2016, Rick got some bad news.

0:43.9

I remember like it was yesterday.

0:46.8

April of 2016, I got a phone call.

0:49.0

Hey, Rick, did you hear the news?

0:52.7

And the news was our local Caterpillar plant was closing.

0:58.7

Caterpillar, the iconic American manufacturer of construction equipment.

1:04.8

It was leaving its factory in Newberry, and that meant losing over 300 jobs.

1:10.0

When you first heard that news that they were moving out, how would you describe it?

1:11.9

Well, I knew there would be a lot of concern because, again, it was our number one brand. It was the most recognized brand

1:18.6

that was here in Newbury County. They were some of the best jobs in the community. And I remember

1:23.7

standing on the floor of Community Hall explaining to the Rotary Club why this is not the end of the world.

1:31.7

But at the same time, I just wondered how much of that I really believed and how much of that I was just trying to keep folks from panicking.

1:43.2

But Newberry was about to get an assist from a presidential hopeful who was promising to revitalize

...

Transcript will be available on the free plan in 6 days. Upgrade to see the full transcript now.

Disclaimer: The podcast and artwork embedded on this page are from The Wall Street Journal, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Wall Street Journal and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.