In a significant meeting held in downtown Los Angeles, business leaders gathered to discuss the alarming closure of Cole’s French Dip, a beloved restaurant that has served the community for over a century.
The announcement of its permanent closure has sent shockwaves through the local business community, with many attributing its demise, in part, to tariffs imposed under the Trump administration.
Nella McOsker, the president and chief executive of the Central City Association of Los Angeles, emphasized the multifaceted reasons behind the closure.
She noted that while tariffs cannot be solely blamed for the restaurant’s shutting down, they represent a crucial factor alongside other economic pressures.
The roundtable, hosted by California Attorney General Rob Bonta, aimed at examining the broader impacts of tariffs on various industries within the state.
With California’s economy ranking as the fourth-largest in the world, the implications of these tariffs are particularly pronounced.
Bonta remarked, “Because we have such an outsized economy, the impacts of the tariffs are outsized on us as well.”
After the discussion, Bonta described the business leaders’ sentiments as overwhelmingly bleak, highlighting the “unpredictability and uncertainty that the tariffs have created.”
He underscored how this climate makes it challenging for businesses to make long-term plans, budget effectively, or consider investments and expansions.
Commissioner Jason Hodge of the Port of Hueneme added his voice to the concerns, referring to the consequences of the Trump administration’s trade policies as “frightening.”
Hodge identified uncertainty as the primary issue affecting local businesses and mentioned how it has led to job outsourcing from trucking agencies and reduced investment from shipping customers and partners.
In a bold move, California filed a lawsuit in April that contests President Donald Trump’s unilateral enforcement of international tariffs without congressional approval.
This lawsuit, marking California’s first legal challenge against Trump’s trade policies, signifies the state’s resolve to safeguard its business interests.
Attorney General Bonta pledged to continue the fight for California’s business community, advocating for both large and small businesses against the damaging consequences of tariffs.
Moreover, local leaders raised additional concerns regarding recent Immigration and Customs Enforcement (ICE) raids in the Los Angeles area, implying that these actions have also detrimentally affected the local economy.
Carlos Singer, chief of policy at the L.A. Area Chamber of Commerce, characterized the current economic and political landscape as one of
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