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Bankers concerned about possible tariff impacts on customers
Wisconsin bankers report more positive economic signs, but they are concerned about possible new tariffs that can affect the agriculture and manufacturing sectors.
Rose Oswald Poels is the President and CEO of the Wisconsin Bankers Association says a survey of bankers shows President Trump’s planned August 1st tariffs could lead to a tougher second-half of 2025. “We asked the question, and most of the respondants answered that it’s still uncertain and really too early to tell the impact.”
She says if the tariffs go through, it will bring more economic uncertainty. “It could mean more borrowing and it could mean interest rates won’t come down. It could cause a lot of stress in certain sectors for sure.”
Oswald-Poels says banks are in a strong position to help farmers, as these cycles have been seen before. “Lenders are well familiar with economic cycles including the unique ones that exist in the ag sector in particular, so we’re experts right alongside our farm borrowers and are ready to help them through some of these difficult times.”
Oswald-Poels says along with interest rates and tariffs, she’s watching federal budget issues and whatever proposals eventually end up in the next farm bill.
AUDIO: Rose Oswald-Poels discusses the recent survey and economic concerns with Brownfield’s Larry Lee
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