Trade & Tariff Tales

On October 9, 2025, Federal Reserve Governor Michael S. Barr took the stage at the Economic Club of Minnesota's luncheon, to discuss the U.S. economy amid rising inflation and policy challenges. In his speech, "The Economic Outlook and Monetary Policy," Barr highlighted how recent tariffs have driven inflation up, with the PCE index hitting 2.7% in August and core PCE nearing 3%. These pressures, he warned, could push inflation above 3% by year-end, complicating the Fed's 2% target. Barr gave a personal nod to his Minnesota roots by sharing that his grandmother's family ran a clothing store in Eveleth during the 1906 iron ore boom.  In a candid Q&A with Minneapolis Fed President Neel Kashkari, Barr addressed the Fed's delicate balancing act between curbing inflation and supporting a softening labor market. With unemployment creeping up and consumer spending showing a split between robust high-income households and struggling lower-wage workers, he urged caution on further rate cuts after September's 25-basis-point reduction. The looming threat of a government shutdown added to the uncertainty, though Barr noted its economic impact remains unclear. Governor Barr was especially engaged with the students in the audience and discussed his journey and important mentors he relied on to advance in his career. 

The Economic Club of Minnesota (ECOM) wasted no time diving into the pressing economic conversations that shape our global landscape. On Thursday, September 25, 2025, the Club launched its 2025-2026 season with "Trade and Tariff Tales," a timely forum that unraveled the complexities of international trade policies amid a backdrop of escalating U.S.-China tensions, supply chain disruptions, and the ever-present shadow of protectionism. The event drew a crowd of over 200 business leaders, policymakers, young professionals, and students, eager to dissect how tariffs aren't just headlines but real forces rippling through Minnesota's economy from manufacturing floors to farm fields. Entrepreneur, Beth Benike, of Busy Baby, kicked off the luncheon event by telling the story of her journey as inventor and business owner, and how she is navigating the tariffs. Drawing on ECOM's storied legacy of non-partisan discourse, "Trade and Tariff Tales" featured a powerhouse lineup of panelists from valuable U.S. trading partners who blended storytelling with hard data. Sri Zaheer, Dean Emerita of the Carlson School at the University of Minnesota moderated the discussion with Consuls General Beth Richardson, Canada, Richard Hyde, U.K., and Alejandra Bologna, Mexico

On May 20, 2025, St. Louis Federal Reserve President Alberto Musalem delivered a compelling speech titled "Economic Conditions and Monetary Policy" at the Economic Club of Minnesota in Minneapolis. Addressing a diverse audience of business leaders, policymakers, and community members, Musalem shared his insights on the U.S. economic outlook and the implications for monetary policy. His visit included a moderated Q&A session, fostering engaging discussions on pressing economic issues.  Musalem highlighted the resilience of the U.S. economy, noting a strong labor market and supportive financial conditions despite recent tightening in some sectors. He cautioned that higher tariffs could exert inflationary pressure in the near term while potentially dampening economic activity. Emphasizing the Federal Reserve's commitment to price stability, he suggested that the current modestly restrictive monetary policy remains appropriate, especially if trade tensions de-escalate, allowing inflation to align with the Fed's 2% target. However, he warned that persistent inflation could necessitate prioritizing price stability over other goals if public expectations shift. 

On April 10, 2025, the Economic Club of Minnesota hosted Professor Exequiel "Zeke" Hernandez from The Wharton School for a compelling discussion on the economic impact of immigration. Known for his extensive research on global networks and the movement of people, ideas, and businesses, Professor Hernandez provided valuable insights into how immigration influences economic prosperity.  For those interested in exploring Professor Hernandez's work further, his book, The Truth About Immigration, delves deeper into the topics discussed and offers a comprehensive look at how immigration shapes economic and social systems. 

Sheletta Brundidge, an award-winning media personality, author, and autism advocate, is making waves in the conversation about neurodiversity in the workplace. Her recent podcast episode on autism workers is an eye-opener for businesses, parents, and individuals on the spectrum, highlighting the need for inclusion and support. Championing Autism Awareness in the Workplace Brundidge, a mother of three autistic children, knows firsthand the challenges and triumphs that come with navigating a neurodiverse world. In her podcast, she explores the unique strengths that autistic employees bring to the workforce—sharp focus, attention to detail, and innovative problem-solving skills. However, she also sheds light on the barriers that often prevent them from thriving in traditional work environments. Breaking Stereotypes and Building Opportunities One of the most powerful aspects of Brundidge's podcast is its ability to challenge misconceptions. Too often, autistic individuals are overlooked for jobs due to outdated stereotypes. But as Brundidge points out, many companies, especially in tech, finance, and creative industries—are discovering the immense value of hiring neurodiverse employees. A Call to Action for Employers Brundidge doesn't just talk about problems—she offers solutions. She encourages businesses to rethink their hiring practices, offer training on neurodiversity, and how to foster an inclusive culture. The message is clear: when autistic workers are given the right support, they don't just succeed, they excel. Why You Should Listen Whether you're an employer looking to build a more inclusive team, an autistic individual seeking workplace advice, or an advocate for neurodiversity, this podcast is a must-listen. Brundidge's candid, insightful discussion makes it clear that hiring autistic workers isn't just the right thing to do—it's a smart business move.

The Economic Club of Minnesota celebrated the annual Bill Frenzel Champion of Free Trade Award event on March 12, 2025. Devry Boughner Vorwerk, chair of the award advisory committee, presented the award to the Honorable Kevin Brady, former congressman and former Chairman of the Joint Ways and Means Committee. Chairman Brady was chosen based on his dedication and consistent advocacy and leadership in advancing policies that promote free trade and economic growth. The audience was fortunate to hear perspectives on trade agreements, tax, and tariffs during a fireside chat between Chairman Brady and the Honorable Erik Paulsen, former congressman from Minnesota. Some key quotes were, "America first does not mean America alone, and America needs to get back on the trade field." Chairman Brady's comments were very timely!

The Economic Club of Minnesota kicked off the second half of the 2024-2025 season on Wednesday, February 26th. The audience was treated to a riveting conversation between Brian Sikes, Chairman, President and CEO of Cargill and Sri Zaheer, Dean Emerita, Carlson School of Management. Brian offered some wonderful advice to students and young professionals in attendance. "Do your job really, really, well, there are no shortcuts, there are no magic pills that you can take, treat people really, really well, and just say yes." In addition to advice, Mr. Sikes discussed some topics that are top of mind, free trade and tariffs. Everyone in attendance was grateful to be present for this event! 

On December 18, 2024, Major Garrett, Chief Political Correspondent, CBS News, returned to the stage at the Economic Club of Minnesota. Major provided the audience with an interesting historical perspective by comparing two non-consecutive seated Presidents, Grover Cleveland and Donald Trump. While President Grover Cleveland's term was during the Gilded Age, President Trump's terms are both happening during the Digital Age. Both are animated by massive economic shocks and high expectations, both internally and externally. Major has vast experience and knowledge from covering 5 presidents in his career. He concluded his remarks, leaving the audience with this thought, "History tells us, sometimes it works, sometimes it doesn't. One thing we know, the Gilded Age and the Digital Age have a lot to tell us about where we're headed." The Honorable Tim Penny moderated Q & A with Major. Tim posed a few questions about Major's books, the recent presidential election, the transition, and the change in candidates from Biden to Harris. Major addressed some poignant questions from the audience. It's worth taking the time to listen to or watch the recording of this event!

On Thursday, November 21st, the Economic Club of Minnesota welcomed Maya MacGuineas, President of The Committee for a Responsible Federal Budget in a discussion with Chris Farrell, Marketplace Senior Economics Contributor at American Public Media. The audience was treated to an insightful and entertaining discussion.   Maya talked about how the burning issues like Medicare and Social Security reforms are crucial to getting the fiscal house in order in the U.S.  Maya's assertion is that voters do not connect to the big issues on a visceral level, therefore, the can is getting kicked down the road. Chris Farrell and audience members alike asked wonderful questions. It's worth watching or listening to the podcast version of this great conversation. 

The healthcare ecosystem in Minnesota is a dynamic and complex network that influences the well-being of its residents and impacts the state's economic landscape. As one of the most health-conscious states in the nation, Minnesota has long been a leader in healthcare innovation, access, and quality. On October 9, 2024, the Economic Club of Minnesota hosted a discussion centered on the Economic Ecosystem of Minnesota Healthcare. The discussion featured Andrea Walsh, President and CEO of HealthPartners and Dr. Rahul Koranne, President and CEO of Minnesota Hospital Association and was moderated by retired EVP UnitedHealth Group; Director & Secretary, Economic Club of Minnesota, Jeannine Rivet.   The conversation was informative and robust. Andrea Walsh emphasized the current state of healthcare versus actual wellness. Dr. Koranne talked about how community infrastructure is critical to being able to release patients from hospitals to either home or a care facility. Boarding patients in hospitals is not a sustainable model. Another discussion point was staffing. The nursing shortage that was exacerbated during and following the COVID pandemic has been eased slightly. Dr. Koranne explained that the shortage of Primary Care Physicians and Pediatricians is a challenge facing the state of Minnesota.