>> Good evening and thanks for joining us on a special edition of the Week in review.

I'm Nick One hurt.

We hope you had a great holiday and that if you bring Black Friday shopping, you came out unscathed.

But if you're feeling a little anxious about the economy and decided to skip the stores this year, well, you aren't alone.

>> And as much progress as we've made, it's going to take a little bit of time for every American to feel that economic boom, which we really do believe he's coming.

But a new Deloitte survey shows a majority of Americans don't agree with 57% saying they think the economy will get weaker over the next 6 months.

And 77% bracing for higher prices on holiday items.

>> The market's been a crazy.

So I think we've seen coffee prices double in the past 12 months.

But when you have a 50% tariff looming, you know it just you're in a high.

You're going to make a decision in the next month.

>> Local business owners and Illinois farmer say with a last trade wars are driving up costs and making it harder to plan for the future.

This as the Supreme Court mulls a challenge to Trump's claims of sweeping tariff powers brought by a Chicago land business owner.

>> I after COVID let I we're in the clear we don't have to think of anything spontaneous or something.

The surviving couple years later, he other local businesses say aggressive immigration enforcement and the threat of National Guard troops on the streets, create uncertainty and drive down sales.

We stand behind the progressive record revenue that we have put forward because this moment calls for those with means to put more skin in the game.

Mayor Brandon Johnson pushes a budget proposal that aims to make large corporations pay ahead tax.

Meantime, credit rating agency S and P dropped Chicago's outlook to negative.

But it's not all doom and gloom with Moody's upgrading Illinois's credit rating.

Good news for Governor JB Pritzker.

And that wasn't all the governor celebrated.

What a historic day for Chicago.

>> For Illinois, for the quantum industry, for our economy and for our future.

Officials break ground on major new quantum computing.

How on the disused?

Former U.S.

Steel South works site.

>> And the Chicago Fire plans to break ground early next year for a new stadium on vacant South Loop plans known as the 78.

>> And now to our week in review panel.

Joining us are true.

The saying of Bloomberg News.

Brian or Gal of the Chicago Tribune.

And via Zoom, Amy Yee of the Chicago Sun-Times.

Thank you all for being here.

Let's get right into it.

So, Brian, there was a lot and that Deloitte survey, but not necessarily all bad.

What stood out to you?

Well, a couple of things.

I mean, obviously it's not good for stores that there's going to be a decline sales.

But when you delve into the data, you can see that people worried about inflation, but not necessarily panicking about it.

>> It's only certain groups that talking about cutting spending inmate mainly to younger people.

You know, Gen Z millennials, they're the ones who are going to say they're going to hold back a little and spending, but their most people are not going to be cutting, you know, based on what they said they're not gonna be cutting the gift spending and some are going to be the you know, extras for like parties, things like that.

I mean, it's that there is going to be a decline in spending, but kind of the core of kind of the Christmas experience, people still think dedicated to doing that.

So is kind of a mixed picture.

Yeah, especially since you know, we it's not like inflation is something that just hit this year.

So, you folks that may be already found ways to adjust for that, You know, Amy, a lot of the economic uncertainty this year.

>> Has involved inflation as well as you know, tariffs which you have covered extensively in particular.

You know what you've been hearing from some local small businesses about the effect there.

>> I haven't really heard anyone say that tariffs are made for So I have talked to some manufacturers, for example, and keep in mind that Harris, for nice, too.

Ultimately, we sure manufacturing back to the U.S.

However, manufacturers like Friedman seating, which is based in Chicago, boys, about 700 people, lot of their components from international markets.

So you can't just shut that off with this.

You get so.

>> were hurting when I spoke to them earlier this year and uncertainty continues.

so most business news I've talked to the vast majority.

>> Areas affected by tariffs.

They keep changing a spike then they go back down a company called Learning Resources, which is right at the heart of were case.

The managed over the summer to get some of weight manufacturing from China to India.

Very quickly, James, I rock us actually.

But learning resources come me that Some of those my some of that imagery was on its way.

Well, suddenly Indian slapped with tariffs, 50%.

And then that the tariffs products year were more expensive than from China.

So it's very hard for company's business since, you know, and smaller businesses more vulnerable are.

>> Yeah, I can imagine they sort of feel like they're they're playing this game as as the rules keep changing.

You know, Brian, one of the sectors of the economy dealing with tariffs this for the back and forth on and off again that you covered, you know, is is development here in Chicago?

Has that been playing out?

Well, developers, you know, year and a half ago, they were probably they probably thought they'd be in a good place now.

They probably saw interest rates were going to decline and that would that makes money cheaper, makes it easier to kick off development.

>> And then at the start of this year here come these tariffs, making things more expensive.

You steel is more expensive.

smart men concrete.

Basically everything goes into a building and it's that kind of thrown for a loop.

I mean, I don't it's not certain that, you know, we've seen, you know, huge amount of development if there were no tears, but it is a worry it another thing that they hadn't really planned on a year ago and, you know, there was at least one said, you know, we were going to build a 400 unit tower and full market and they said the tariffs really killed it as their investors said.

expensive.

Yeah.

>> You know, sure if either Trump administration policies, they've also had an effect on state and local budgets.

Governor Pritzker earlier this year asked state agencies to find some ways they could make spending trends.

What are the concerns there?

>> Well, in terms of on the uncertainty that all of you guys have talked about, one of pieces of uncertainty is the grandson, federal funding that might be flowing through to state and local governments, whether it's the state or the city or schools some of its unknown, some of its, you know, just roadblock.

Some of it is questions about the long-term feasibility of projects.

He talked about the development for steel things like that.

But some of these projects also need some certainty in terms of what funding is funneling in.

So those are some of the concerns that states cities and other taxing bodies have.

So what the governor asked earlier this year was for the department's to pull back on some of their spending to put some money into the reserves just as a cushion because we don't know what's going to happen in the next budget cycle And this current budget as well, I should yeah, especially because, you know, some of these things, it seems like you know, they're not necessarily telegraphing these these moves.

These funding freezes are revisiting them.

>> Can kind of come out of the clear blue sky.

>> Yet so some of the funding offerings is as we you know, we hear about them, but they don't actually go through.

Sometimes sometimes it's it's just unclear exactly what's going to happen.

Some of that things have sort you know, just talked about.

And then there's worries about it.

But we really just need to know.

I long term what's going to happen in terms of this funding.

Right.

And there's just not a clear understanding.

And the reason that's important is that a lot of this money was something that state and local governments were taking for granted.

just came every year was part of the budget.

And now we don't know that for sure.

You know, Amy, you you mentioned the trade war with China that had some consequences in particular for Illinois farmers when it when it comes to.

>> To soybeans.

Tell us about that.

>> It takes a huge deal, Sir, Illinois is largest Newsom soybeans, the U.S.

which I say because I did not realize that until started covering this.

Most lot.

it's where a lot of that?

Is to And it's the biggest market and that might what So what happens with tariffs is China will then place retaliatory tariffs on experts from West, which over usually agricultural goods like soybeans and corn.

So farmers are hardest hit by retaliatory tariffs.

And so it means those markets that are so valuable to off.

So there's a lot of turmoil for agriculture until recently.

China have not bought any to a bean from this harvest at all.

That's huge amount I want to say about.

Well, it's about 12 billion dollars.

soybeans Illinois, So imagine cutting off that, you know, very important market for that 12 billion dollars gains.

>> you know, in turn, China turn Argentina.

We've also turned reasonable and are actually that's already happened Trump's first were introduced our ups wheelchair you American partners effective.

it affected.

And so China.

Next.

We'll talk other markets to source their soybeans from so they for example.

And so market share from American pie merge is being taken by.

country.

And so until recently, the U.S.

and we got home.

So many of the 2 may be in crop.

And so there's lot oil and almost a crisis moment is, but will.

people have alluded to, you know, perhaps this could be one another on Simi 80's.

>> no, there's there's a lot uncertainty turmoil there.

>> Absolutely.

You know, sure that we are talking about Governor Pritzker.

Of course, there's been a fair amount of pushback to the Trump administration policies at the local level move from Chicago City treasurer to try and draw a line in the sand.

What's what's he looking to do?

>> So the Chicago most of Conyers, urban, proposing to stop buying Treasuries directly.

For the city assets.

Now, a point of fact is that the city doesn't actually own any treasuries directly to begin 6, last year in 2024, was the last time did.

It was just about 8 million dollars out of a portfolio of about 9 Billion.

So 8 million out of 9 billion dollars right?

What the other thing she's proposing is ask the city Council for permission to somehow change policies.

So that money market funds that hold treasuries.

She may be able to shift away from some of that to now.

That's a different policy.

But it's to be seen whether the city council is going to go along with that one alderman just, you know, called it reckless.

Another one question how it makes fiscal and financial sense when Treasuries have performed some of the returns that the portfolio overall provided.

So lots of questions unclear whether there's going to be any support and city council.

>> You know, Brian, we were talking about holiday shopping.

Chicago's loop traditionally a huge destination for shoppers in recent years, though, seen its fair share of challenges of vacancies.

But you've been doing some reporting on some upstart businesses there who say there's there's a recovery going Yeah, it's it's too much to say that the loop is recovered, obviously because got hit with a double tsunami of, you know, the rise of online retail and then the pandemic.

So it's going to take many years for the.

>> Luke to find a new business model which works.

But you do see like green shoots of energy.

Coming there are a lot of new entrepreneurs who are looking at the loop saying, you know what, we can get a deal for Lisa open up a space like the clothing store, Reagan, the, you know, just going to be opening next year on State Street.

you know, small, small time restaurant tours are looking for spaces.

So it's it's starting to look up.

>> There's a few dozen restaurants that have opened few dozen restaurant and apparel stores that are opening in the loop in the past couple of months and start into next year.

Now, that sounds good.

You know, a few dozen.

It's but it's great.

But the loop lost hundreds of restaurants and retail outlets during the pandemic.

So it is going to be a multi-year project.

But at least at least if you're if you're a business owner in the loop right now, I think you can be pretty sure that things are going to be better next year.

Yeah, at least a sense of momentum, if not fully back where they are.

And if you're an office worker, there's going to be more options.

And that's going to be very important to getting people to come back to the office because people want to have places they can go to return, you know, unusual.

Maybe something you can't find at It would.

course, you know, this.

This comes on the heels of some very aggressive, you know, immigration enforcement.

>> As well as President Trump wanting to send the National Guard itself into Chicago.

What do the business owners that you've spoken with?

Think of the prospect of guard troops the there they are just that is like the big cloud that's hanging over.

I think the city you've seen a huge impact on businesses out in the neighborhoods like Little Village, Albany Park.

>> I know a number of places that have closed the loop didn't seem to be hit very hard by the past couple of months.

But it something that they're worried about.

You know, I did talk to a restaurant or is in Washington, D.C., where the guard was and, you know, they were just seeing cuts and business like 30%, at least, and that that was on the average.

So they I think business owners in the loop are worried that, you know, the kind of that what they've seen out in the neighborhood is going to come down to the loop next year.

>> And you know, Amy, you've heard from a lot of folks about how operation Midway Blitz affected businesses, you know, particularly in in neighborhoods that saw a lot of of immigration raids.

What did you hear from folks?

>> Me impact has been tremendous.

I first spoke to little business owners back in the beginning of the year might have patient not >> However, >> rates not actually So the traffic conditions started back and it's raining.

you know, this summer end of the summer, all all this really received.

shooting came in that washed.

fledgling signs no, even when I spoke to the business owner it, you know, business owner caters.

Businesses.

spring.

He said his business down 40%.

Now, imagine it now Mr.

visible and aggressive campaign that's meant seems like it's meant frighten and intimidate people.

And just earlier this month, when you well, it head of the Chicago Chamber of Commerce warmer heading way Chamber of Commerce.

sayings that's had huge negative impact.

Many meter Lee said not actions are steering people away from going It's go out and use the head of Go and Chamber of Commerce, name the loop.

And you there which hundreds ice, snow.

I was surprised at how beings in since word about the impact they are we are hearing seeing so Illinois the the GDP know your mercies worth million things.

people are scared to go out, scared to go and buy beings or if they're stopped reading, We're also going to sleep UK neighbor.

already are struggling with enough workers seeking to get very large machine workers in Chicago.

You know, businesses overall will be add to their >> Yeah, it's going to be very, very difficult for them to recover from that very quickly.

You know, trivia.

Another issue that local businesses have been watching very closely in this case, large corporations.

This is the mayor's proposal to include ahead Taxin in the city budget you know, not clear whether there's that the support on the council there.

But what's the mayor looking to do?

>> So in the budget that the mayor proposed time, he was asking for a $21 per head monthly head tax on corporations over 100 people for employers, I should with more than 100 people who spending at least 50% of their time in the city.

And then there was some all alterations made to that proposal and then brought the hook again.

But about a week ago, the city council gender, you know, vote 25 to 10 rejected the whole revenue plant.

So at this point, we're in a recess and there are talks going on and we're going to come back in December and see our alternate revenue options that City Council is proposing.

Has the mayor come to any sort of consensus the opposition within the city Council?

>> All right, Brian, something that doesn't involve tax dollars at all.

This is the privately funded.

What 90 a new Chicago fire stadium.

What can we expect?

There'd what with the timeline like they're going to started construction very soon.

I mean, >> this is going to be I think, a game changer for that whole development down there.

The 78, the developer related Midwest has been searching for an anchor tenant for years and now they finally have it.

I mean, it's it's one of the really true bright spots for the downtown.

I think.

Well, and another big piece of development news is that quantum computing hub on the far South side.

What can we expect from that site?

I'm really not sure like how that's going to work out for Chicago as a whole.

I mean, obviously it it.

It's going to be an extraordinary thing that billions of dollars of investment that go into that area.

>> How how that impacts Chicago, you know, the the wider city I think is unknown because you know that one of the questions is how many people are actually going to work there.

This was the South work steel plant was the economic heart of the South Side.

20,000 people work there at a time.

You know, so and how many people are going to be working at this quantum?

Campus?

Probably, you know, a fraction of that, certainly.

Yeah.

I mean, these companies sometimes just don't employ that many people.

They do say that they are going to need manufacturers and a supply chain basically an ascending good 10 to this.

So see what see shakes might be more of a sort of a psychological wind seeing such a a long, vacant site.

You know, Actually something coming in the developer is planning putting in retail and housing down there.

it's not just going to be a quantum campus.

They've got a lot of land and they they seem.

seemed like they want to put it to use.

All right.

Well, from quantum to AI, Amy, you've reported on these AI holiday shopping exactly do those work?

>> us.

So holiday season is prime time for scammers online shopping or >> online and they're distracted by everything.

Holidays, vacations coming up and gifts.

I mean, everything else involving racing to the end of the year.

So they take it, you know, scammers take advantage of that.

So that's in a normal holiday season.

Now AI actually 2 leading a number of scans their authenticity.

So things look long, often using real photos from the company's website and or, you know, even down to the shopping cart and targeting people that are with very genuinely genuinely you know, shopping sites or what have you.

And I know this because I just happened to me a few months ago.

It wasn't holiday shopping, but he was shopping and I looked pretty carefully and checked everything You know, they use the name of a real store her we cheers and all the wording.

Lot to me.

We'll more about running ones.

With those are expensive.

And so when you see a deal when they're, you know, $5.

First of all, I did say this is too good to be true, but I kept looking the site and very real.

So when I receiving that AI is contributing know how how authentic Look, that may not meet sense to me.

So I wanted to, just get word out that the real thing and snow yet had an article running week out.

How AI is contributing stands.

>> Yeah.

Taking your negative experience and turning it into something good.

So we we thank you for that.

>> We are almost out of time.

But before we go, I want to me very briefly, what are you most looking ahead?

>> To next year on your beat?

>> Some media next year.

But it's weekend.

Saturday is small business Saturday working for this year for some Chicago business.

It more important It seems like.

>> could be, you know, make or break them.

So there's a campaign and online can being about.

35, local businessmen spearheaded by Mojo which is are.

And lots of other local businesses.

>> they are I early on their website base.

They were begging people to come All right.

So >> it's a sentiment shared by a lot of businesses.

I do just want to say there are apparently a lot of businesses that have closed in the last 6 months that the park and Bucktown, which means pretty awesome.

One area, know.

>> Those those areas are are hardly immune from those from those issues.

So we know a lot of folks are are looking out for Sure, if you haven't you, are you looking you know, just chronicling what's going on with the budgets.

We're still waiting for.

>> Budget season to completely wrap up here in Chicago.

So I'll be covering all the way to the end.

Then shortly thereafter we go right into the state's budget season.

And so really trying to get a handle on what all this uncertainty is going to mean in terms of costs for state, local governments and then what that's going to mean for local residents in terms of services and other types of taxes, if anything.

All right, Brian, I'm coming back to you.

But for right now, we are out of time.

So our thanks to.

Sure up saying Griner, Dow.

>> And Amy.

>> And we're back to wrap things up right after this.

>> Chicago tonight is made possible in part why the Alexander and John Nichols family.

The Pope Brothers Foundation, additional support is provided by.

>> And that's our show for this Friday night.

If you're looking for something festive to do this holiday weekend, be sure to check out our website for our holiday events guide.

That's a W t Tw dot com slash holiday events.

Now for the weekend review.

I'm Nick Blumberg.

Thank you for watching.

Stay healthy, stay safe and stay informed.

Have a great weekend.

>> All right.

Last but not least.

What are you watching out for just left on its own?

Chicago probably continue its slow, steady recovery both retail and office market.

To really wondering is what ice is going to be doing.

Border Patrol like because that could really, I think.

Scramble lot of expectations.

>> One, certainly we've heard that, you know, that in the immediate term, the this, you know, wave of CBP agents has moved on, but it sounds like they're coming back.

They may come back.

I mean, ISIS recruiting a lot of people, many thousands.

so the.

>> And there they were here once in January and they left in 19 to come back the past couple of months.

Now they seem to be leaving again.

So the question is, are they going to come back even numbers?

And I think it's at least a possibility now.

Absolutely.

The big thing that they closed captioning is made possible.

>> Why Robert, a cliff and Clifford law offices, Chicago, personal injury and wrongful