Following President Donald Trump’s “Liberation Day” declaration on Wednesday, where he announced wide-ranging reciprocal tariffs against U.S. trading partners, economists and business owners in Massachusetts are wary of the impacts the tariffs will have on the state.Trump said he is imposing a 10% baseline tax on imports from all countries and even higher tariff rates on dozens of nations that run trade surpluses with the U.S.Speaking at the White House on Wednesday afternoon, Trump held up a chart showing the U.S. would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan.”This will be indeed the golden age of America,” Trump said during his speech. “Our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike.”Trump’s announcement came after markets has closed for the day.However, futures are taking a nosedive, with Dow futures now down nearly 1,000 points and the S&P and Nasdaq also down considerably.Many economists in Massachusetts expressed their skepticism about how tariffs will impact the lives of Americans, saying everything from phones to clothing to appliances to cars will get more expensive as a result.”I just want to emphasize that everything is going to go up,” Boston University Economics Professor Tarek Hassan said.The moment Trump announced the new tariffs, after-hours trading sent Target and other retailer’s stock prices tumbling.”These tariffs are across the board. They are going to touch everything from going to the grocery store to going out to restaurants, to even having to go to places like the movie theater,” KPMG Chief Economist and Managing Director Diane Swonk said.Retailers have warned that earnings could suffer as 10% tariffs raise prices. “So what happens is Target wants to import air mattresses or whatever good they want to import, and they have to pay a surcharge,” Hassan said. “So if Target pays a surcharge, they have to pass those prices through. Even if a window is made in the U.S., you need parts from abroad. We’re the richest country in the world; there is no sense in which the rest of the world has been taking advantage of us all this time.”Inside Commonwealth Wine School, it’s all about learning the art and history of wine.However, Trump’s new tariffs means wine is about to get a lot more expensive, with the cost likely to fall on the consumer.Commonwealth Wine School Director Jessica Sculley knows wine well and knows Trump’s tariffs will hit the industry hard. “At every step, there’s going to be a significant increase in costs,” Sculley said.With a universal 10% tariff and higher for other trading partners, like 20% for the European Union, Sculley said consumers will have to decide if they want to pay more.”If the answer is no, and it very could well be no, then a lot of people are going to go out of business, both here and abroad,” Sculley said.Sculley said she just got back from a work trip in Italy, where she said U.S. tariffs are a big concern for international winemakers.”They were all concerned,” Sculley said. “They were all sad, and they were all looking for other markets, which means they might not want to do business with us anymore.”Back in Cambridge, the tariffs are affecting business, too.Sculley said a Canadian student taking a wine course is finishing the program elsewhere because of the strain between the U.S. and Canada.”I get how she feels, and it’s really sad, and of course, it hits our bottom line,” Sculley said. “I think it’s sad for our relationship with our friends.”Sculley said it’s possible wine drinkers could see fewer options available, as countries move away from importing to the U.S. because of the tariffs.

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