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New Jersey Chamber Insider

Business News, Advice and Trends

April 22, 2025

Today's Highlights

• US, global economic outlook deteriorates in Trump trade war, IMF says.

• Roche says it will invest $50B in the US as pharma tariff threat lingers.

• Businesses plead for tariff breaks after Trump spares iPhones.

US, global economic outlook deteriorates in Trump trade war, IMF says

The U.S. and global economies will likely slow significantly in the wake of President Trump’s tariffs and the uncertainty they have created, the International Monetary Fund said Tuesday. The IMF said that the global economy will grow just 2.8% this year, down from its forecast in January of 3.3%, according to its latest World Economic Outlook. And in 2026, global growth will be 3%, the fund predicts, also below its previous 3.3% estimate. U.S. economic growth will come in at just 1.8% this year, down sharply from its previous forecast of 2.7% and a full percentage point below its 2024 expansion. The IMF doesn’t expect a U.S. recession, though it has raised its odds of one this year from 25% to about 40%. (The Associated Press)

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Roche says it will invest $50B in the US as pharma tariff threat lingers

Swiss pharmaceutical giant Roche on Tuesday said it would invest $50 billion in the U.S. over the next five years, amid concerns about the impact of possible new White House tariffs on pharma goods from abroad. The investment will create more than 1,000 jobs with the company, Roche said. The firm said it already employs more than 25,000 people in America. The pharma giant will inject cash into creating new R&D sites, while expanding manufacturing facilities in Indiana, Pennsylvania, Massachusetts and California. (CNBC)

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Businesses plead for tariff breaks after Trump spares iPhones

When President Trump’s tariffs threatened to send the price of iPhones soaring, Apple’s CEO Tim Cook called the White House – and soon secured a reprieve for his company and the broader electronics industry. The carve-out caught the attention of many businesses nationwide, igniting a scramble for similar help in the throes of a global trade war. Top lobbying groups for the agriculture, construction, manufacturing, retail and technology industries have pleaded with the White House in recent days to relax more of its tariffs, with many arguing there are some products they must import simply because they are too expensive or impractical to produce in the U.S. (The New York Times)

Secondhand stores are poised to benefit if US tariffs drive up new clothing costs

Stores selling secondhand clothes, shoes and accessories are poised to benefit from President Trump’s trade war. American styles carry international influence, but nearly all of the clothing sold domestically is made elsewhere. The Yale University Budget Lab last week estimated short-term consumer price increases of 65% for clothes and 87% for leather goods. Such price hikes may drive cost-conscious shoppers to online resale sites, consignment boutiques and thrift stores in search of bargains or a way to turn their wardrobes into cash. (The Associated Press)

Trump administration warns New York that it risks billions in federal funding over refusal to end congestion pricing

The Trump administration on Monday gave Gov. Kathy Hochul a new, extended deadline to stop collecting congestion pricing tolls – and warned of "serious consequences" if she continues her defiance. The letter sent by Transportation Secretary Sean Duffy threatens to yank what could be billions in federal funding and future approval for roadway construction projects in Manhattan if congestion pricing continues. Duffy gave Hochul until May 21 to explain why the DOT shouldn’t make good on its threatened penalties, which would begin May 28. (New York Post)

PHOTOS: NJ Chamber members gather at the offices of Control Point Associates for networking

New Jersey Chamber of Commerce members exchanged business cards and engaged in fruitful networking at an April 17 N.J. Chamber member mixer at the offices of Control Point Associates in Warren. See photos here. (N.J. Chamber of Commerce)

Cornerstone NJ Member News

Greenbaum Rowe names Barbara Koonz managing partner

Greenbaum, Rowe, Smith & Davis LLP has named Barbara J. Koonz its new managing partner. Koonz, who joined the firm in 2019, becomes the fourth managing partner in the firm’s more than 100-year history. A seasoned environmental and energy attorney, she has played a key role in shaping the firm’s strategic direction in recent years. (ROI-NJ)

Cornerstone NJ is a membership program of the New Jersey Chamber of Commerce. 

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Do business with fellow N.J. Chamber members — you can find them in our online directory.

Business Events

TODAY: April 22 – Business Roundtable Lunch with Senate President Nicholas Scutari

Holiday Inn, Clark, Noon to 2 p.m.

This is a special lunchtime edition of the NJ Chamber Business Roundtable Series. Senate President Scutari will discuss legislative priorities, the proposed fiscal 2026 state budget and other issues vital to the business community.

More information and register

April 23 – Networking & Baseball: Brooklyn Cyclones at Jersey Shore BlueClaws (Young Professionals Event)

ShoreTown Ballpark, Lakewood, 5:30 p.m. to 9 p.m.

More information and register

May 1 – Marketing on a Shoestring Budget in 2025 (Virtual Event)

Free Virtual Event, 9 a.m. to 10 a.m.

More information and register

May 19 – NJ Chamber Challenge Cup Golf Outing

Bedens Brook Club, Skillman, Noon

More information and register

May 21 – Business Roundtable Breakfast with Speaker Craig Coughlin

National Conference Center, East Windsor, 8:15 a.m. to 10:15 a.m.

Assembly Speaker Craig Coughlin will discuss the proposed fiscal 2026 state budget, and other issues vital to the business community.

More information and register

June 12 – 28th Annual NJ Chamber Open House and Reception

New Jersey State Museum, Trenton, 4 p.m. to 7 p.m.

More information and register

July 16 – Young Professionals Networking Mixer

CGI, New Brunswick, 5:30 p.m. to 8 p.m.

More information coming soon

Sept. 18 – Women of Inspiration Awards Reception

National Conference Center, East Windsor, 5 p.m. to 8:30 p.m.

More information coming soon

Sept. 25 – Member Networking Breakfast (Free to members)

New Jersey Audubon, Bernardsville, 9 a.m. to 10:30 a.m.

More information coming soon

Oct. 22 – NJ Chamber Legislative & Business Awards Reception

EisnerAmper, Iselin, 5 p.m. to 8 p.m.

More information coming soon

Nov. 6 – DE&I Trailblazer Awards Reception

Co-Hosted by African American Chamber of NJ and NJ Chamber

Pines Manor, Edison, 5:30 p.m. to 8 p.m.

More information coming soon

Dec. 11 – Annual Member Holiday Party (Free to members)

Calandra's Italian Village, 5 p.m. to 8 p.m.

More information coming soon

Were you forwarded this newsletter? For more information about the N.J. Chamber, email Patrick.Daily@njchamber.com.

Business Resources

N.J. Economic Development Authority

Choose New Jersey 

New Jersey Business Action Center

U.S. Chamber of Commerce

U.S. Small Business Administration

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The New Jersey Chamber of Commerce is staying on top the issues important to business. For news media requests, please email Scott Goldstein.

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