A Lorain, Ohio, businessman sees the long-term gains for the short-term Wall Street pain inflicted by global retaliation to President Donald Trump's tariffs aimed at reforming global trade.
In fact, Skylift CFO Nick Jarmoszuk Jr. equates it to ripping out the cancer of trade imbalances that have cost American jobs.
"It's like chemotherapy: It's a strong drug, but it's going to make you healthy in the end," he told the Financial Times in a profile on the decades of economic havoc levied on his town.
While the argument that resetting global trade requires drastic measures is one that has been made repeatedly by Trump's White House and backers, there remains a partisan divide in the narratives on tariffs amid weeks of market turmoil.
Lorain's Democrat mayor rejects the pain of his struggling town that voted for Trump over former Vice President Kamala Harris.
The south-western shore of Lake Erie town was a hub of shipbuilding, steel, and carmaking in America's rust belt, seeing its industrial base wiped out and replaced by "population decline and urban decay, with poverty rates far above the national average," FT reported.
"We were told that, based on these tariffs, Republic Steel would be restarting production in Lorain and that 1,000 steel industry jobs would come here," Democrat Mayor Jack Bradley told the FT, noting Jaime Vigil, president of Republic Steel Corp., has "moved away from" designs on coming back to the area. "That never happened."
But drastic problems require drastic measures this time around in the Trump administration, according to Jarmoszuk Jr., who is it in for the long, hard haul.
"The complaints you get are from Wall Street, which wants instant gratification," he told FT. "We don't."
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
© 2025 Newsmax. All rights reserved.