Podcast
Talking Trade
Hosted by WisBusiness.com · EN
Talking Trade is a podcast produced by WisBusiness.com and hosted by Ken Wasylik, managing director, E.M Wasylik Associates, and Sandi Siegel, president and managing director, M.E. Dey & Co. The show features interviews with experts on trade policy, supply chains, economic trends and much more.
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Episodes
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Talking Trade Ep. 115 - Jason Turner, Great Lakes Advisors
3w ago00:13:36Tap to summarizeIn the latest episode of “Talking Trade,” Great Lakes Advisors Chief Investment Strategist Jason Turner says trade disruptions in the Middle East are creating opportunities for exporters elsewhere. Turner notes the conflict with Iran has largely impacted commodities being transported through the Strait of Hormuz out of the region, but other markets are adapting to meet global demand. “Those minerals, those goods that are coming from the gulf … they are produced other places,” he said. “And you’ve got countries in Europe, countries in the far east that had been large trading partners of some of those Middle Eastern nations … looking to other places, looking to the United States, looking to Australia, looking to other areas in South America, for example.” And while commodities coming out through the strait are facing blockades, finished goods that would normally enter the region through the key shipping lane are also being disrupted, Turner explained. The discussion explores how exporters can navigate the current landscape, including strategies such as contingency planning and running potential scenarios. “I definitely think flexibility is key … What happens if tariffs were to go up, and have a 25% tariff slapped on anything going between us here?” he said. “Where can I pivot, where can I obtain inputs from, where can I export to?” He also said it’s “a great time to be thinking about developing new markets” as an exporter, arguing those that are more entrenched will take a larger hit from the conflict. “There’s those that are also going to take advantage, and become the new supplier for something. Those doors are starting to open up,” Turner said. “The longer the current conflict persists, and the higher the degree of uncertainty around tariffs, the more those other nations are going to look for new markets and new providers.” Meanwhile, Turner weighs in on stock market trends amid the uncertain environment, corporate income growth, the path ahead for tariff refunds and more. Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. CEO Sandi Siegel. The show is sponsored by the Dairy Farmers of Wisconsin, Michael Best Strategies and Carroll University.
Transcribe →Talking Trade Ep. 114 - UW-Madison Prof. John Pevehouse
Apr 900:16:11Tap to summarizeIn the latest episode of “Talking Trade,” UW-Madison Prof. John Pevehouse says the ongoing conflict in Iran is affecting more than oil markets, as the key trade route in the region is being used as a bargaining chip. The interview was recorded Wednesday, one day after a two-week ceasefire in the Iran war was announced. “We’ve seen wild market swings, you know, as the conflict has gone on, and clearly there’s been a tremendous depression of trade effect,” Pevehouse said. While the earlier closure of the Strait of Hormuz had led to skyrocketing fuel costs in the United States and elsewhere, Pevehouse notes the critical shipping route is used to transport the element helium, used for processing computer chips and components. “Helium is essential, and so that can disrupt the tech sector pretty easily,” he said. “You also have other kinds of refined petroleum products, but also you have a lot of petrochemical feedstock that comes out of the region, in other words, fertilizers and intermediates.” As much as a third of global fertilizer industries depend on goods moving through the strait, Pevehouse said, noting ripple effects from the conflict through agri-business supply chains. While the United States has shifted toward energy independence in the past two decades, becoming a net energy exporter, Pevehouse pointed to a “boomerang effect” as Asian countries affected by the conflict drive up prices globally, including domestically. Meanwhile, as negotiations play out between the U.S. and others in the region, the “omnipresent” threat of Iran closing the strait once again will remain, he said. “That said, Iran depends on the strait too,” Pevehouse said. “People talk about, ‘Well, they could sink ships and close the strait.’ But that cuts them off too, and that gives them no source of capital.” Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
Transcribe →Talking Trade Ep. 113 - Sarah Helton, Michael Best Strategies
Mar 400:23:48Tap to summarizeIn the latest episode of “Talking Trade,” Michael Best Strategies Partner Sarah Helton says uncertainty persists after the recent U.S. Supreme Court tariffs decision. “It’s nice that we have clarity around where the Supreme Court lands on the president not having authority under IEEPA to impose tariffs, but we are in a kind of part two of a world of uncertainty,” Helton said. After the nation’s highest court ruled the president can’t use the International Emergency Economic Powers Act to impose tariffs, undercutting a key element of the Trump administration’s trade policy, questions remain about the potential for refunds for affected businesses. “I think all eyes are on what the Court of International Trade is going to do next related to refunds and relief for importers for IEEPA tariffs paid,” Helton said, adding “for the thousands of lawsuits that have been filed to date, those essentially have been put on stay right now.” She said that stay is expected to be lifted soon, but added it’s “not clear” what a framework for getting refunds would look like. “The soonest that we can get direction from the court, the more clarity there will be on the next steps forward and how soon relief will be provided,” she said. Helton also weighs in on alternative tariff routes the administration has been using as well as how they could be leveraged going forward. Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
Transcribe →Talking Trade Ep. 112 - Susan Meyer, Norwegian honorary consul for Illinois and Wisconsin
Feb 200:16:53Tap to summarizeThe latest episode of “Talking Trade” is with Susan Meyer, Norwegian honorary consul for Illinois and Wisconsin. Meyer, who’s also a partner at the law firm UB Greensfelder in Chicago, discusses the ties between Nordic countries and the Midwest and calls for more collaboration between the regions. Along with the existing Norwegian community in Wisconsin, she points to Swedish and Danish heritage in nearby Illinois. “We already know each other, so now is the time to leverage those cultural connections to drive strategic growth,” she said. “Wisconsin, for instance, has a lot of manufacturing, skilled labor, logistics, of course as well as being centrally located. While Nordic technology, automation and capital can compliment and support local manufacturing facilities.” Meyer says Norway and other nearby countries are very interested in exporting physical products to the United States, as well as entertainment and other cultural assets. The discussion also explores intellectual property considerations for international trade, hurdles around using trademarks elsewhere that were established in a given country, and differences in patent regulations. “So where industrial designs are protected in the EU, we don’t recognize those in the United States,” she said. “We do have design patents, but they’re not enforced in the same way.” Meyer highlights her work with the organization Women Entrepreneurs Grow Global, supporting women-owned businesses. She serves as an intellectual property advisor to the group and holds a position on its board. “The idea is that you bring together industry leaders, business owners, supporting experts … This creates a valuable ecosystem, support, inspiration and expertise, in WEG’s case to help wojmen grow their businesses,” she said. “But the advice I would give to all business owners … is no matter what stage you’re in, activate your network. Ask for help.” Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
Transcribe →Talking Trade Ep. 111 - John Min, Monex USA
Jan 900:24:04Tap to summarizeIn the latest episode of “Talking Trade,” Monex USA Chief Economist John Min says tariffs are driving up prices on imported goods, contributing to inflation. “If it wasn’t for tariffs, I think we may be close to 2%, which is our goal, but we’re stuck at 3%, so there’s an effect,” he said. He noted the U.S. Department of the Treasury is currently collecting $30 billion per month, adding U.S. companies are the ones footing the bill. “Whether they’re passing on the tariffs to the consumers … about 50% of the cost is being passed on, and companies are absorbing with their margin, we just don’t know how long they could last doing that,” he said. If that’s the case, he expects to see “the full effect” of tariffs hit prices within the next six or seven months. “I see an almost divided economy, to a certain extent … the bigger retailers are able to absorb it better, because they have the scale, they can negotiate, they can find alternative suppliers,” he said. “It’s the smaller businesses, they’re really getting hurt because cash flow is very thin anyway.” While he’s optimistic about future U.S. economic growth, Min raised concerns about a “disconnect” between that growth and labor market trends. “As I describe the microeconomic conditions, I’m very concerned,” he said. “Because we are growing, but we’re not creating jobs. And in fact, I’ve never seen this type of disconnect between growth rate and the employment numbers.” The discussion also explores potential impacts of AI on productivity and related investment trends, supply chain changes and more on the international trade landscape for 2026. “Overall, international trade we expect to be, I don’t want to say rosy, but still positive, still growing,” Min said. Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
Transcribe →Talking Trade Ep. 110 - John Gatto, Transatlantic Strategy Group
Dec 1500:18:16Tap to summarizeIn the latest episode of “Talking Trade,” John Gatto of Transatlantic Strategy Group says “decades-overdue” German defense spending creates new opportunities for U.S. businesses. Gatto is the founder and managing director of the Milwaukee-based international business and government relations firm, which helps clients navigate the regulatory environments of the United States and Europe. He discusses how recent developments in U.S. foreign policy have led to changes in Germany, which is putting more funding into defense after President Donald Trump pressured it and other NATO members to contribute more to the military alliance. “We are putting money behind defense which has historically never been there,” said Gatto, who grew up in Germany. “There was a defense budget, but it was very, very, very small. All of a sudden, within one fell swoop, you have a trillion euros in additional defense spending in Germany alone.” That’s in addition to about $870 billion in proposed European Union defense spending, he noted. While Germany, France and other NATO countries are ramping up their ability to defend themselves militarily, their economies alone won’t be able to fulfill this rising demand, according to Gatto. “The funds are there, but the capabilities are not really there,” he said. “And that’s where I identified tremendous opportunity for U.S.-based companies.” That includes Wisconsin manufacturers such as Oshkosh Defense, smaller suppliers of technical components in the state, as well as bigger companies elsewhere in the country including Lockheed Martin and Boeing. Gatto says the “political volatility” in Europe and elsewhere is shaping investment and business decisions around the world. He pointed to a shift from “just in time” manufacturing to a “just in case” approach in the post-COVID era, as companies are stocking more supplies and products than they did before the pandemic. “Many people are now focusing on supply chain resilience, diversifying their supply chain,” he said, adding “the defense industry has historically been a very well-established and settled marketplace, but there’s so much more opportunity for new players now.” Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
Transcribe →Talking Trade Ep. 109 - Sarah Helton, Michael Best Strategies
Oct 600:20:14Tap to summarizeThe Talking Trade hosts, Sandi Siegel and Ken Wasylik, talk with Sarah Helton, Government Procurement and Trade group leader for Michael Best Strategies about the Trump administration's evolving tariff policies.Sponsored by the Wisconsin Center on Manufacturing and Productivity, the Dairy Farmers of Wisconsin, Carroll University, and Michael Best Strategies.
Transcribe →Talking Trade Ep. 108 - Doug Rebout, Wisconsin Soybean Association
Sep 3000:18:09Tap to summarizeThe latest episode of “Talking Trade” features Wisconsin Soybean Association President Doug Rebout on how U.S. tariffs impact the country’s soybean farmers.Rebout, who also serves as the chair of the Wisconsin Department of Agriculuture, Trade and Consumer Protection board, said there’s “so much uncertainty out there in global trade.”One of the biggest issues is China’s decision to largely stop buying soybeans from the U.S. since the country used to buy over 60% of the soybean export market, he said. China hasn’t bought anything in the last month, he added.“Let’s stop the bleeding right now,” he said. “Let’s try and get it so we’re not losing any more markets. Yeah, China's huge, we’d love to get part of that back, but we do need to concentrate on other countries. The more diverse we are, the better it is for us.”Most of Wisconsin’s soybean production, roughly two-thirds, are exported, Rebout said. That much volume can’t just be replaced by other trade partners, he added.“China is so significant because of the volume,” he said. “Yeah, some of these other countries are buying from us … Mexico, Canada. These are all some of our major export countries, especially here for Wisconsin, not just for soybeans, but for all agricultural products. … So yeah, some countries were increasing what we’re trading to them, but like I said, it cannot make up that loss that we have in China.”Rebout also said he goes to Washington DC to lobby lawmakers by telling them how the U.S. needs to work to stop the losses right now and work on rebooting trade deals with major importers like China. He argued that while China has already found other trade partners that they’re unlikely to give up if the U.S. eliminated its latest tariffs, “we have to start regaining that.”“Every time I go out there I have good conversations,” he said. “I don’t care what office I go into, what party I go into, we’re talking agriculture. It should be and it is the most bipartisan issue out there, because it affects everyone.”He also said farmland typically used to produce soybeans can be used for other crops, but doing so would upset farmers’ traditional routines. Those routines, switching between growing soybeans and corn every two years for example, help promote soil health, he added. Farmers also have to consider how a sudden influx of corn on the market would impact the corn market price, Derout said.“We can adjust those numbers a little bit,” he said. “But we can’t go and say, ‘You know what, soybeans aren’t selling, so we’re going to let that land sit or we’re going to go and raise 2,000 acres of sunflowers or something.’ Because, like on our farm, we don’t have the knowledge for that, and then there’s not a market for that.”Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
Transcribe →Talking Trade Ep. 107 - John Pournoor, Government Analytics
Sep 2400:16:06Tap to summarizeTalking Trade hosts, Sandi Siegel and Ken Wasylik discuss the overall impact of global trading and trade's role in U.S. markets with Government Analytics CEO John Pournoor.Sponsored by the Wisconsin Center on Manufacturing and Productivity, the Dairy Farmers of Wisconsin, Carroll University, and Michael Best Strategies.
Transcribe →Talking Trade Ep. 106 - Laura Baughman, Trade Partnership Worldwide
Aug 2000:19:17Tap to summarizeThe latest episode of “Talking Trade” features Laura Baughman, senior fellow with Trade Partnership Worldwide, on evolving U.S. trade policy. Baughman, who has worked with a variety of American businesses spanning multiple sectors, says tariffs are creating major uncertainty and confusion for companies. She’s a senior staff member for the Washington, DC-based international trade and economic research firm. “Nobody knows what to do, nobody knows who’s going to get hit and with how much and when,” she said. “And so onsequently, all of this uncertainty is pushing a lot of costs onto companies, even though there was earlier this year and until really recently, no extra tariffs had been imposed yet.” Still, she said many businesses were driven by uncertainty to stock up on imported supplies, taking a financial hit to store them in warehouses in anticipation of higher costs to come. Others are putting off investment decisions, even domestically. “Economic research has shown that this uncertainty is equivalent to a tariff in and of itself, sometimes on the order of 8% to 10%, depending on the product,” Baughman said, adding “the ability of companies to bear these costs, of course, depends enormously on whether they’re big companies or little companies.” She shares details on how larger companies are addressing these challenges, while smaller ones are “taking it on the chin.” Baughman said she expects much more tariff-related price increases on consumer prices as amassed inventories are diminished over time, likely in the fall or winter. “We’re also hearing tariff impacts on sectors you wouldn’t think, like car insurance,” she said. “Some car insurance companies, we’ve been told, are raising their premiums because it costs more to get a car repaired, because brake parts … have tariffs on them now, if they’re imported.” Meanwhile, spending on entertainment and food is “starting to slow” as consumers pull back amid the uncertain environment, she said. Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
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