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A top executive of Laredo-based IBC Bank said this week that the economic uncertainty already created by the proposed Trump tariffs has consumers in San Antonio and across the nation facing some tough choices.
Gerry Schwebel is vice president of the corporate international banking division of IBC. He said proposed 25% tariffs on foreign goods and a 25% tariff on auto imports has consumers questioning the timing of big buys right now.
“Do you hold back in making major decisions on purchases, whether it be a home or an auto until there’s further clarity … or do you go head and roll the dice and take a chance right now and say, ‘look and buy as much as I can’?”
Further adding to the confusion is whether vehicles will be hit with both tariffs, increasing sticker prices by 50%.
The auto tariffs were set to take effect at midnight on April 3. Across-the-board tariffs would kick in next week.
The White House labeled the proposed tariffs permanent in hopes more vehicle manufacturing returns to the U.S. But Schwebel said that’s easier said than done.
“Do we have the people? Do we have the skills in our workforce adequately to bring back any form of manufacturing?” he added.
Keeping a constant workforce for Toyota and International trucks here in Bexar County is a never ending effort by the city, county, and manufacturers.
In February, Toyota announced more than $6.5 million in grants to East Central ISD to boost STEM education, saying it needs a pipeline of students to be the workforce of tomorrow.
The county has proposed the construction of a $20 million workforce development center for advanced manufacturing jobs to be located at Brooks, but it has not been publicly discussed recently by county commissioners. Similar job training programs already exist locally.
