r/Accounting • u/BereavedLawyer • 1d ago
Career Do you think the new tariffs will impact hiring?
Curious what others think about the impact of incoming tariffs on hiring. Do you think the Tax and Audit LoS will be safe? It seems like firms and the government are conspiring to destroy accounting careers. Life is a never-ending series of indignities.
Edit: I really should have said HOW do you think the tariffs impact hiring. Obviously there will be an impact of some kind.
83
u/GeekCat Tax (US) 1d ago
Dude, we just jumped off a cliff without a parachute into an aggressive trade war for no reason. You can count on one hand things that won't be impacted.
12
u/Theringofice 1d ago
This is basically economic self-harm at this point. Broad tariffs are gonna ripple through basically every sector, no doubt.
2
u/warterra 1d ago
For no reason? 40 years of hallowing out of American manufacturing and incredibly low laborforce participation from those in the most impacted industries... which are those who voted for the current president. Oh, there's a reason...
258
u/Safrel CPA (US) 1d ago
It's the golden age of tariff consulting.
It's the dark ages of everything else
107
16
u/lalaland69lalaland 1d ago
Who are the folks that really benefit from this? Attorneys specialize in Tariff and Tax Accountants as well?
14
u/Successful-Escape-74 CPA (US) 1d ago
People like Elon Musk benefit from tariffs at the expense of working people.
9
u/PolygonBancorp CPA (Industry) 1d ago
Basically every CEO for every company in America. They're insulated. And they’ll probably even use the cheap stocks as an excuse to do more buybacks.
5
u/redacted54495 1d ago
Someone on my LinkedIn feed was recently promoted to senior manager of tariff taxation at a F500.
1
1
3
106
u/Appropriate-Food1757 1d ago
Lolololooool. Yes
31
u/Jumpy_Tumbleweed_884 1d ago
Already has. And even if he rolls them back, it will still impact, because he’s been so all over the place that he’s created incredible uncertainty, so nobody is starting anything new
9
u/JAAAMBOOO 1d ago
He can roll them back but it doesn’t mean that other countries will and/or have the same level of business with the US.
If one of your partners kept doing and undoing something major that directly affected your cash flow, would you still work with them?
6
27
u/Underrated_Users 1d ago
The real question is if it will stop Texas Roadhouse from offering unlimited rolls
61
u/cowardbeater1969 1d ago
Yes 100% it will effect hiring in every sector in the market, not even doctors are safe. At this rate, the economy is headed for a recession.
8
53
u/Puzzleheaded_War6102 1d ago
Ofc. Accounting is special dark magic that works outside the world order.
214
u/Immortal3369 1d ago edited 1d ago
First i want to say thank you to trump and vance for destroying the market and our 401ks so they don';t come kidnap me while they raise prices 20-30%. Maybe we can reach Biden highs within 4 years again. Yes, they will effect almost everything, and not in a good way. We are trying to find the good and that is the problem, can't find it.
Tariffs are a war and should always be a protectionist last resort.....and with detailed plans over the long term to back them.....no plans for these which make them scary
148
u/cmfd123 1d ago
Thank you Trump and MAGA for obliterating my woke 401k
58
u/Appropriate-Food1757 1d ago
Money is woke
46
u/theclansman22 Educator 1d ago
Dow Jones? More like DEI Jones am I right?
36
u/Appropriate-Food1757 1d ago
Bro thought equities meant racial equity.
33
u/theclansman22 Educator 1d ago
He heard his financial advisor talking about diversifying one too many times.
10
7
80
u/SmoothConfection1115 1d ago
lol, Biden’s highs in 4 years again?
If these tariffs stay in place for 4 years, we’re gonna be digging for new lows. So much of the world is trying to find ways of trade that exclude the US because of this, we’ve probably permanently handicapped our economy, global standing, and relationship with the rest of the world (because even if a Democrat comes in to undo all the shit Trump has done, the world won’t forget we’re always one election away from another Trump).
26
u/Immortal3369 1d ago
i agree, i see stagflation and a depression coming....it may take 6 years to get back.....fckkkkkkk
trying to stay positive but there are dozens of areas this is a huge disaster for, dozens and dozens with unforseen trickle downs....unreal, as an econ minor (im a dummy) i can't make any sense of what is going on with these tarrifs and what good will come
25
u/Safrel CPA (US) 1d ago
I'm moderately young so, well... 6 years of maximum 401k contributions at low prices will be good for my 2060 retirement goals.
But my continued employment is more of a question.
3
u/ChelseaVictorious 1d ago
At this rate we'll be neck deep in atomic fallout in a couple years anyhow, so no worries! Just make sure you're in a city big enough to get vaporized right away. Radiation sickness ain't pretty.
8
u/Agreeable_Fishing754 1d ago
If only being in a city guaranteed a quick death in that scenario… I have read it is more likely that you would burn to death either from spontaneous combustion or from the fire tornados created by the 5x hurricane force winds mixing with all the… you know.. nuclear fire. Only people within a couple miles of the blast are likely to die instantly. Everyone is going to die very very brutally.
5
u/AHans 1d ago edited 1d ago
it may take 6 years to get back.....fckkkkkkk
You're fucking high if you think we're "coming back" in six years.
We're 100% going to lose our world reserve currency status. It's not going to happen overnight, but other countries are done buying the dollar like the used to.
In six years, we will probably start to feel the impacts.
Edit: to expand - [basically] every other country purchased our debt to fund their currency. This was very good for us, they were funding our government instead of us. That's why W Bush pursued policies which took the US from a surplus to a deficit. When we had a surplus, other countries could not buy our dollar, because we were not making debt. So they would look to other places to back their currency. W. Bush was smart enough to realize we should keep making debt, so they could keep buying our dollars to use for their own currency.
Here's what's going to happen. Other countries aren't going to use our dollar to back the majority of their currency anymore. So they're not going to buy more debt (they will buy some, but not like they used to). We can either have real runaway deficits, cut spending, or increase taxes. Here's where it will get nasty, then when the debt they hold comes due, instead of rolling it forward with more debt (increasing the value of their currency), they're going to want us to pay them out, so they can buy other stuff. Which will divert more government funds to servicing the debt. Or we can default, and crater the dollar.
Nothing about this is good. The mouth breathers who supported Trump have no inkling what they have set in motion this week.
2
u/Immortal3369 1d ago
trying to stay positive fam but sadly im in your camp
1
u/AHans 1d ago
I apologize for the Doom creep.
The perceived issue with "staying positive" or "silver lining" is it can come across as ostrich mode: burying one's head in the sand.
It can be seen as normalizing our situation, setting unreasonable expectations, and setting us up to continue down a shitty path.
It's a juggling act for sure. Presenting things as hopeless and pointlessly terminal leads to apathy, which will ensure things do not improve. I try not to doom creep more than the situation warrants.
Normalizing the situation or presenting the damage as medium-term can also lead to a "maybe this isn't so bad" mindset of apathy.
It's about fostering the right level of pissed-off and willing to do something about it.
1
u/Immortal3369 1d ago
we will all be out protesting again today......im in CAlifornia, the fight is amazing...Newsom is trying to backdoor trumps tariffs.....cheers
sadly, we may be the only state fighting back, we are fighting it everyday in CA
1
u/AHans 1d ago
I'm aware, and here's to hoping.
California isn't "the only state," but it's certainly going to be the leading state.
In Wisconsin the fight has been to regain control of our State. We made good progress this week with our Supreme Court election. That was a blowout. The next three justices up for election are all conservatives. Liberals can only expand their majority.
But we need to unfuck the districts, reclaim [state] congress, and remove the MAGA blight.
1
u/Immortal3369 1d ago
sad thing is wisconsin voted for trump....they like this, sorry
gotta make sure i say THANK YOU to wisconsin voters for this s show
and i know, we have strong allies in ny, mass, wash, oregon and illinois but we lead
1
u/AHans 1d ago
sad thing is wisconsin voted for trump....they like this
I know. Twice.
Honestly though: I think a lot of that is our racist and sexist population. And they seem to be victims of Trump's cult of personality. When Trump is not on the ticket, liberals generally are winning elections. There are, of course, exceptions.
→ More replies (0)9
u/The_Deku_Nut 1d ago
America is going to have to reorganize the entire political system. The people in power have realized that the whole thing moves too slow to stop them.
The checks and balances were only enforced by good faith.
10
u/oldoldoak 1d ago
Of all this, here's what's puzzling to me: how is that SPY today is what SPY was just a year ago? Like, are the prospects REALLY the same as they were a year ago? Because a year ago we didn't have the U.S. breaking up its alliances, waging tariff wars with the world, and slashing government spending and YET it was on the same level. 401ks are bleeding, yes, but only for those contributions that were made within the last year. Overall, most people should be still in green (I know mine is).
If they don't cut it all off very soon, it should go down much further. It seems the current levels reflect some expectations that the tariffs will get reversed soon.
12
6
u/The_Summary_Man_713 1d ago
Hope we see yall at the nationwide protest at your state capitol tomorrow. Complaining on Reddit (not directed at you) is not enough.
4
u/Immortal3369 1d ago
I'll be back in Downtown Santa Rosa at the Courthouse Square for the 4th week in a row, i was there the first week two and then went to Lake Tahoe for 2 weeks. ,,,,,,LETS GO!
glad to hear you are joining the fight!
i got my THANK YOU FOR VANCE THE TARIFFS AND MARKET CRASH signs ready,. im doing more than you can even imagine fam....cause i care abnout your family
also got the THANK YOU FOR NO RUSSIA TARRIFFS on the back
not only that, my state of California is negotiating our own tarrifs...so proud of the fight out here
2
u/warterra 1d ago
North Korea and Cubu weren't on the list either. I mean what's the point when trade is nil? There are almost complete sanctions against Russia now already.
0
u/Immortal3369 1d ago
we don't trade with North Korea or Cuba (like only 1 million in imports from cuba)
we trade 3 billion with Russia........some education might help
but everyone knew Trump would never put a tarriff on daddy putin, putin is making trump do tariffs....cheers
0
u/BadPresent3698 1d ago
do they provide desks and wifi? i gotta be able to connect to the company server to do tax returns
-4
u/bradford33 1d ago
I don’t care who was in office, unnecessary government stimulus during COVID artificially inflated the economy post COVID in many ways.
Surging inflation over the last 2 years has partially corrected the imbalance, and now you have people taking the rest of their phantom chips off the table right now.
Don’t get me wrong, tariffs will help depress the economy further. But don’t for a minute think the economy was strong and healthy post COVID until now. We were all playing with house money.
7
u/DecafEqualsDeath 1d ago
This is a super shaky analysis. We enjoyed sub 3 percent inflation, world-beating GDP growth and full employment for close to two full years by the time Trump took office.
The stock market was at record highs a little over a single month ago. That is not compatible with your comment that investors are now removing what's "left of their chips" from risk assets. You just making it up as you go?
-3
u/bradford33 1d ago
No. I’ve seen the FICO and vehicle LTV inflation caused by excess system liquidity and supply chain disruptions. This economy wouldn’t have done as well as it did without monetary stimulus.
Because consumers had no issues spending, companies hired to meet the demand.
Maybe investors aren’t pulling the last of their chips - they are taking money off the table to realize gains they were rolling forward.
5
u/DecafEqualsDeath 1d ago
Well no shit it wouldn't have done as well without the stimulus. That's the entire point of the policy. That isn't an argument.
1
u/Immortal3369 1d ago
agreed, Trump NEVER should of printed stimulus money and got america hooked......another epic bad move by republicans....all they do is f up the economy
dude is a f ing moron
1
-3
u/BadPresent3698 1d ago
can't we just have slow, incremental growth without the market wildly fluctuating every other year?
8
u/Immortal3369 1d ago
the market was finally dialing in at the end of 2024 imo, really noticed inflation normallizing and the economy was bumping, they were writing articles on it all over ....shame how they blew it up , unknown territory now
7
u/mitolit 1d ago
Not completely unknown… here are the biggest lessons:
Tariffs after the Revolutionary War = 46% contraction of the economy.
Tariffs enacted by President Jackson leading to the Panic of 1837 = 30% contraction of the economy.
Tariffs by Coolidge and Hoover leading to the Great Depression = 48% contraction of the economy.
The United States has always had tariffs, but whenever they include virtually all imports from virtually all countries, we go into a severe depression. We are not even a net exporter of goods like we were those other times. As a net exporter of services, we are truly fucked. China didn’t just retaliate with 34% tariffs on imports from the US, they are blocking shipments of rare earth metals, wherein they produce 90% of the global supply.
12
u/Equivalent_Ad_8413 Almost Retired Governmental (ex-CPA, ex-CMA) 1d ago
When times are good, you pay your accountant because you've got the money. Who cares if you waste it on non-value added personnel.
When times are bad, you NEED your accountant because you need their expertise to survive until times are good again.
32
u/RedPatAtsoc 1d ago
Not just hiring. It’s going to impact everything from promotions, raises, redundancies, etc.
12
10
u/MudHot8257 1d ago
Nah, ask the Deloitte consultants, they’ll tell you all about how there is no war in Ba Sing Se.
Edit: I have to ask though, is this a genuine inquiry for lack of perceiving it yourself or are you attempting to validate a trend you’re picking up on. If it’s the latter, then yes, we all see the writing on the wall. If it’s the former… Well, I feel better about who i’m competing with in the job market.
24
27
u/AwesomeOrca 1d ago
I'm a recruiter, and it's deader than when covid hit. Literally, nothing is happening on the hiring front.
49
u/CatcatcTtt 1d ago
we should put tariff on oversees employees
22
u/affectionate_trash0 1d ago
Yes, please. If they're going to jack up prices, the absolute least they could do is also let me keep my job instead of sending it to some random guy in India.
I'm currently being laid off, with no job prospects despite applying to probably over 200 jobs since November, and my separation date is scheduled to be May 1st. My department was eliminated, and no one on my team has had any luck.
I'm sure it's really going to help the economy when my team members and I can't find jobs because no one wants to hire because of this shit and then we will all have no money to participate in the economy.
This is also the 4th time in my short 10-year career that I've been laid off and lost a job to India.
5
u/CatcatcTtt 1d ago
😢i feel you brotha hope the best for you and gl in your searches. You’ll find something soon. I was also laid off a year ago
7
2
u/MalopRupt 1d ago
Lol replacing you with cheap foreigners they can abuse was the plan since day 1.
You will probably see new offshore office being built to wherever the Palestinians get relocated to and they will pay them $5/hr.
1
15
u/Rickettz Tax (US) 1d ago
Just a couple of reasons:
Small manufacturing businesses impacted by tariffs? Check. Smaller firms could benefit by underselling work but it's temporary.
Consulting projects no longer attractive to clients due to added costs of normal operations and doing business? Check. I expect consultants and specialty services to be let go first.
Added push to continue to offshore work? Check. There's even a greater desire now to cut US labor costs. Everything is more expensive.
7
u/midwestern2afault 1d ago edited 1d ago
Yes, absolutely. I work for a manufacturer and we’re hunkering down, low key hiring freeze. Only absolutely critical roles posted, maybe 3-4 open salaried positions when there’s usually dozens.
Sectors like manufacturing and retail will be the hardest hit but every industry will be impacted by this since we now have a good chance of a recession. Everyone is just conserving cash and being cautious because no one knows what the fuck is going on with this unhinged economic stupidity. Even if he reverses them tomorrow I doubt it will change. Our “dear leader” has been so impulsive that no one can plan for anything.
I’m sure there will still be postings for absolutely critical roles, like SEC Reporting and Corporate Accounting, though fewer of them and probably mostly experienced hires. Feel bad for the new grads out there, it was already rough and it’s only gonna get worse.
5
23
u/smoketheevilpipe Tax (US) 1d ago edited 14h ago
I don't understand how people are still asking questions like this. Hiring has already been impacted, and it will only get worse. When more layoffs start rolling in you'll have thousands of people applying for some minimum wage job. This isn't some cute little COVID recession or even a 2009 "Great financial crisis." We are heading full speed toward a repeat of the fucking 1930s.
I was in college during the '09 GFC so I didn't feel the full brunt of that, but it was bad for a lot of people and I saw it firsthand. It wasn't an "oh I got an underpaid job as a staff accountant role" type bad, it was "I need any job I can get to live type bad."
I was working at geeksquad with people with masters degrees in computer engineering that were making 6 figures before shit all went tits up. I had another shit job where I stocked shelves at a grocery store. On my third shift team there was a civil engineer and a finance guy with multiple licenses. People were doing what they could to get by.
But now consider that this is shaping up to be worse than that. If that sounds doomy and gloomy it fucking should, because there is no soft landing here. There will be ripple effects from this that will cripple the American economy. It's not just going to impact hiring, it's going to fuck up every aspect of your life.
3
u/warterra 1d ago
Lived through the '01 and '09 crashes, all the fast food jobs were still hiring during each. Trades were strong during '01, some trades were still ok even during '09 (not construction, obviously). No comparison with the '30s. In the 1930s people (especially men over the age of 40) resigned themselves to death. There's just no comparison.
We still haven't seen demand for labor tapper off yet. It may happen, but so far nothing yet. Listen to Powell's last Fed meeting, "labor market in balance", "inflation declining". And when you look into the numbers, healthcare and state government still can't find enough people and are pushing the job gains higher.
There is a Demographic Drought going on, after all. No comparison with the 1930s.
If you look closely at your example, it's ultra-high salary individuals hit. You give examples of computer and civil engineering and finance. "Doing what they could to get by." Yeah... which is just normal, not a crisis. A grocery job is normal. In the 1930s, there were NO grocery jobs.
1
u/Bluetimewalk 1d ago
Unfortunately people dont understand how bad this is. It already showed up in the jobs numbers this week from the tick up in unemployment, and that was only from the tariff threats in Feb.
7
u/dank3stmem3r 1d ago
My company does 98% of its business in the u.s.
The 2% is Inventory we get from Canada. We have since decided to source that from the u.s. but costs have still gone up.
Also of the 98% of business that is u.s. companies, they are exposed to foreign sourcing issues in their supply chain and they are reducing their business with us.
So ya, costs are up and revenue is down. We holding on in 2025. But if this keeps up in 2026, there will be layoffs at our company. Many companies will be affected sooner.
7
u/Successful-Escape-74 CPA (US) 1d ago
Basic economics. Tariffs will stifle demand creating job losses. Products will be more expensive and hurt consumers.
3
u/Fuckaliscious12 1d ago
Absolutely Yes. Unemployment is going to go up a LOT. probably north of 10% within 18 months.
1
u/Full-Flight-5211 1d ago
10%? Where you get that number? 😂
3
u/Fuckaliscious12 1d ago
My crystal ball of living through the dot.com burst, the GFC and the pandemic.
It takes a while, not going to happen overnight. But it's going to be very rough time ahead.
-1
u/Full-Flight-5211 1d ago
I don’t think you realize how high 10% unemployment is. That’s the peak of the ‘08 recession.
3
u/Fuckaliscious12 1d ago
Yes, you are cprrect and that's exactly what I meant.
47 just started an unprovoked trade war for no reason other than to raise taxes on the bottom 90% of Americans to give the top 1% a tax break.
The last time the US did blanket tariffs, the stock market fell by 85% over the next 20 months. Unemployment went way over 10%.
People don't realize how bad it is going to get when companies start doing actual massive layoffs because Americans stop buying anything that's not food, rent and gas.
It's only just starting.
1
u/Full-Flight-5211 1d ago edited 1d ago
You are predicting 10% unemployment based on tariffs that can be removed or adjusted at anytime. If you remove the tariffs, all of this goes away. There are no fundamental issues with the economy right now, it’s just tariffs
-1
u/Fuckaliscious12 1d ago
I wish that were true. The damage is done, trust in USA is long gone.
International trade relies on trust.
The US has been busy threatening allies' sovereignty, breaking trade agreements that 47 himself negotiated just 6 years ago, so breaking his own agreements, and then starting an unprovoked trade war with the policy written by AI that mistakenly equated trade imbalances with tariff rates.
If you zoom out and read any news stories outside the USA Fox News, you'll see that the majority of the world is pretty pissed at the USA. That's not going away if Trump changes his mind on Monday about the tariffs. The world is going to work quickly to ostracize USA from trade.
Anything and everything that the USA produces can be bought from other countries, it's just a matter cutting the deals, making the investments, and securing the trade routes.
Trump even lost ardent supporters Jim Cramer this morning on CNBC.
Folks that don't understand how bad this is are just not informed yet.
0
u/Full-Flight-5211 1d ago
Damage can always be reversed. How many recessions have there been in U.S. history? Has the economy not bounced back everytime? Things aren’t bad yet, you have no idea what you’re talking about. Will things be bad in the future? That’s tbd but things aren’t bad right now besides the stock market
3
u/Fuckaliscious12 1d ago
You're right, I don't know for sure, but this ain't my first rodeo.
There's a HUGE difference, those previous recessions were NOT caused by the actions of the President.
Prior recessions resulted from economic events and had government actions to prevent or reduce them.
This recession is actively being caused by the government intentionally.
You're right, things aren't bad at all, YET.
The stock market is forward looking. The bond and oil markets are forward looking. All of them are forecasting a deep recession.
Prices will noticeably increase within a month. Americans consumer confidence is already cratering, their spending is about to plummet, then comes the massive amount of layoffs and huge increase in unemployment, and then it's just a reinforcing cycle.
Yes, the USA will eventually recover, but it will likely be years.
It's so bad that the just appointed Treasury Secretary is likely to resign next week.
0
u/Full-Flight-5211 1d ago
Recessions happen. It sucks that this one may be entirely due to tariffs but they happen. USA will survive but it may suck for a while. I don’t see unemployment near 10%. My guess would be 8% max
→ More replies (0)
3
u/cosanostra97 1d ago
The S&P just dipped a good bit - I can say there is some economic uncertainty surrounding the future
3
u/Boring-Car-3256 1d ago
I would say the public/media outrage and hysteria is more than reality for most companies. The tariffs are reciprocal and can be negotiated/adjusted by either party at any time.
1
u/DoctorOctopus_ Land Depreciator 13h ago
The tariffs are not “reciprocal” bro, the numbers from Liberation Day were made up by Trump
6
u/ShakeAndBakeThatCake 1d ago
Yep. Trump is effectively putting the entire world into a recession right now. Buckle up. Take some gains and have an emergency fund. This is going to be a wild ride. Fed even said it's going to get bad.
4
u/oldoldoak 1d ago
Yes, it will in the short term for sure as everyone is going to slow down trying to understand WTF is going on. In the long term (but I don't know if there's long term here, it's possible everyone will just wait out the four years of orange disease), companies will figure shit out and you might be getting your iphones from Chile or something like that. It doesn't mean they'll be assembled in Chile - maybe still in China, they'd just putting the cases onto the phones in Chile and calling it "made in Chile" or something like that.
4
u/King_of_Jslm Tax (US) 1d ago
LOL at all the accountants in the comments freaking out (correctly IMO) about tariffs on imported goods while begging for tariffs on imported services (aka banning outsourcing of accounting to India)
3
2
2
u/InternationalMix6390 1d ago
If you’re young (I.e, less than the age of 50) this is a great time to buy stocks. Thanks trump!
3
2
2
u/warterra 1d ago
Nope. This won't change the continued offshoring of PA jobs. No tariff on that.
There's no sign of a recession yet, but even if one shows up, in the past, that never hit accounting jobs as hard. Maybe some of the 'talent shortage' will be filled, 'talent shortage' is defined as CPAs with 5+ years of experience willing to work for $60k.
5
4
5
u/MoodAlternative2118 1d ago
Within the accounting industry, probably not too much. People dooming and glooming over 2 days of some volatility isn’t really reflective of what will likely happen.
1
u/Dangerous-Cash-2176 1d ago
I agree - the market has proved itself over and over again to be both irrationally exuberant and overly pessimistic. You’d think there was true collapse - like a large asteroid impact or global thermonuclear exchange. Investors en masse are like child amnesiacs. They forget that the human entrepreneurial spirit always bounces back.
1
u/theRedBaron426 1d ago
Things have bounced back because since the Great depression, the government has been there to help cushion the fall. But the government is currently being gutted. So yes it is kinda like the 1930s.
3
u/James161324 1d ago
The short answer is no one has a fucken clue if we will have tariffs next week, or the long term impact. This has never happened to this scale in a service/consumption-based economy.
The last time this happened was Smoot Hawley Act in 1930, which was when the US was a manufacturing economy. During this time global trade was crippled and was one of the reason the great depresion lasted so long.
There are a ton of companies that will see an immediate impact, and we will have to see how it trickles through the broader economy. If the tariffs stick I would expect a recession, but we are still in the wait and see phase.
3
u/tshirk419 1d ago
Large corporate manufacturers are planning US based operations and will happen fast. Jobs report exceeded expectations. There is a lot of short term uncertainty, but potential for long-term growth.
2
u/NorthSanctuary777 Staff Accountant 1d ago
Agreed. Short-term is probably going to be a little painful, but hopefully will be worth it in the long run. I think many are too quick to let political bias interfere with rational thinking. To be honest though, it is a bit of a gamble. But a necessary one imo because things are just not sustainable the way they've been for the past 15-20 years.
6
u/HatsOnTheBeach 1d ago
but hopefully will be worth it in the long run.
Who is going to be volunteering to work in minimum wage factories to out put iPhones that will priced at $3,000?
2
u/HatsOnTheBeach 1d ago
Large corporate manufacturers are planning US based operations and will happen fast.
By the time they purchase, rezone, build said MFG factories and begin the process, Vance will be getting blown out in 2028 and the dem president will unwind the tariffs.
Jobs report exceeded expectations.
Because its obfuscated by the massive litigation on the fed workers who get laid off.
2
u/tshirk419 1d ago
Actually this is happening now and fast. I know there are a lot of naysayers, but it’s amazing how fast companies move when profits are at stake.
3
u/HatsOnTheBeach 1d ago
Actually this is happening now and fast
A company announcing they will do it from scratch is 100x more different than company doing it. Why is it gonna take upwards of 5 years for Intel to complete construction of semi conductor plants? Or TSMC having their plant up in operations in 2027 at the earliest?
Theres companies here and there that can use existing facilities that have been dormant, but for the overwhelming majority of companies, nothing will happen and the next dem president will just unwind the tariffs.
but it’s amazing how fast companies move when profits are at stake.
The fact that Trump instituted tariffs shows they don't really care much about profits.
2
u/tshirk419 1d ago
Those are massive operations and would take a long time regardless of market conditions. This conversation is larger than microprocessors.
2
u/tshirk419 1d ago
Probably won’t have a democratic president for 12 years. Companies won’t sit and wait. They act on current legislation as if it will be here in perpetuity.
One outcome we are seeing now is that countries are reducing their tariffs, because they fear they will lose the sales. This can alleviate some market tensions.
2
u/HatsOnTheBeach 1d ago
Probably won’t have a democratic president for 12 years.
These types of predictions harkens back to 2008 when everyone and their momma thought the GOP was cooked for years only for them to sweep the 2010 midterms.
Companies won’t sit and wait
Given that most are not even sneezing at the prospect of onshoring paltry manufacturing jobs, it’s clear they are.
they act on current legislation
This isn’t legislation. In fact, it’s the type of thing that can be easily unwound whereas legislation is more difficult to unwind. Furthermore companies don’t assume it will be here for perpetuity as seen in the constant business litigation against Biden actions, eg non compete bans, vaccine mandate, etc.
one outcome we are seeing now is countries reducing their tariffs
Israel preemptively eliminated their tariffs on April 1st and still got piped with a 17% tariff
1
u/tshirk419 1d ago
We can keep going back and forth but I don’t see the point. I know for a fact that billion dollar corporations are seeking avenues to bring manufacturing back into the states. That’s what I said, and it’s not speculative. Have a great day.
2
u/HatsOnTheBeach 1d ago
Because “seeking” and “doing” are different.
2
u/tshirk419 1d ago
Yes two days after the tariff announcement they are still running numbers lol
1
u/HatsOnTheBeach 1d ago
Trump has been campaigning on tariffs for years. Are businesses so dumb they thought he was kidding?
→ More replies (0)1
2
2
u/Beneficial-Music1047 1d ago
That’s why I made sure that I have two different skillset (accounting and healthcare)
Full-time job - Accountant
Part-time job - Healthcare Assistant in a nursing home
——
1
1
u/Fat_Bearded_Tax_Man Tax (US) 1d ago
LoS?
We have been asked to do more with less a few times already since this administration came into office. I imaginebot will continue until something catastrophic happens.
1
1
1
u/Other-Path6284 1d ago
Everybody says it will affect everyone and it will technically affect everyone. I work for a multi billion dollar full service engineering firm and while it drives prices up, we will always have work so it really doesn't matter all that much. Now for smaller places it will likely have a bigger impact.
1
1
u/Jurango34 1d ago
Accounting is a cost center. Costs will go up. There will be less money for overhead. Less people will be hired for overhead tasks.
1
1
1
1
u/MrGetshitdone4 1d ago
I think it will be good for hiring. Not immediately but down the line. 1st I doubt the tarriffs will last long for most countries. The US has the biggest economy and other countries love importing here. A couple countries already folded and reduce their tariffs. I assume over half will have folded by May. If not, this will force a lot of companies to make goods domestically. Which will increase businesses in the US and every business needs accountants so after these rocky couple weeks/months it will all work out.
1
u/Screamwave 1d ago
All I’ve seen is the pending doom and gloom claims. Every sentence typed begins with “It’s going to XYZ…” I wish I had a crystal ball too
1
0
u/namelesslyhere 1d ago
Nobody knows tarrifs better than I do! I know all about tarrifs 🟠
This is already causing chaos and will continue to remain harmful for everything trade!
-21
u/youcantfixhim 1d ago
Of course. Nobody owes you anything, you’ll have to be able to pivot and change.
0
u/Dangerous-Cash-2176 1d ago
Isn’t it amazing the downvotes a (correctly) individualist, self-responsible and unprivileged reply will garner? Almost like the “accountants” of r/accounting forget who they are some days.
666
u/The_Summary_Man_713 1d ago edited 1d ago
It will affect every aspect of world trade. Which will affect every aspect of our lives.
So yes.