While Donald Trump’s victory in the 2024 U.S. presidential election will have significant implications for domestic and foreign affairs, it will also have a significan.
The most discussed revival of the Broadway season might be Donald Trump’s return to the White House.
While Trump’s victory in the 2024 U.S. presidential election will have significant implications for domestic and foreign affairs, it will also have a significant impact on Broadway. “This is not a small thing by any stretch of the imagination, and there are going to be irreparable consequences,” stated Jonathan Demar, a co-producer of the Tony Award-winning play Stereophonic.
“Most economic observers regard the incoming administration’s tariff and immigration proposals as likely to crash the economy,” observed Harvard University professor Derek Miller. Trump wants to impose a tariff of 10 percent to 20 percent on all imported items. He has also discussed imposing a tariff of at least 60 percent on items imported from China.
According to Mark Zandi, the chief economist at Moody’s, the proposed tariffs would result in “higher inflation and interest rates.” “[T]hey are a tax on all Americans in the form of higher prices for imported goods,” he continued, adding that prices could increase for “everything from basic necessities, such as food and clothes, to large-ticket items like cars and cell phones.”
The tariffs could also increase the prices of production set pieces made overseas, further bloating Broadway budgets. The average cost of mounting a musical on Broadway has increased about $1 million since last season to about $19.8 million.
“Because going to a Broadway show is a leisure activity and often part of larger tourist activity, an economic downturn spurred by those policies would seriously harm the industry, along with many others like it,” explained professor Miller.
