by Kenneth J. Entenmann, CFA®
2/12/2028

For better or worse, the first three weeks of Trump 2.0 have been fast and furious! A bit of an understatement! Overall, the financial markets have shown some volatility but have remained stable in the New Year. So far, the S&P 500 is up 4.06% this month and 3.1% year-to-date. That is a great start to the year, despite all the vitriol coming out of our nation’s capital, particularly as it relates to the potential impact of tariffs.

It is easy to fear tariffs. Economists of all stripes will tell you that tariffs are bad; they are inflationary and invite retaliation and distort world trade. They are correct! But they most often fail to include the second part of the full tariff comment…Tariffs are bad in a free and fair global market. Unfortunately, there is little evidence that there are many “free and fair” markets. Indeed, when tracking trade reciprocity, every major industrial country in the world except the U.K. and Australia is offside, meaning tariffs on U.S. goods are significantly higher than U.S. tariffs on our imports. Even our friends, the EU, Canada, and Mexico, are way offside and have significant protectionist tariffs. In some cases, entire industries are precluded from participating in a trade partner’s economy. The U.S. auto industry is priced out of Europe by tariffs that are ten times higher than U.S. tariffs on E.U. cars. Same for U.S. agriculture. U.S. banks are prohibited from doing business in Canada. Hardly “free and fair.” And then, there is China. China was permitted to join the World Trade Organization in December of 2001. The hope was China would evolve into a great global trade partner. It has certainly helped the Chinese economy become the second largest in the world. Sadly, they have been cheating global trade rules ever since. The debate over TikTok operating in the U.S. is interesting as U.S. software companies are prohibited from doing business in China. Yes, tariffs are bad, but global trade is hardly a “free and fair” market.

Yesterday, President Trump announced 25% tariffs on steel and aluminum, including on Canada and Mexico. This set everyone’s hair on fire! Mexico and Canada are our friends and our largest trading partners. How could we possibly pick this fight? True, we import large quantities of steel and aluminum from Canada and Mexico and this action has the potential to raise prices in the U.S. However, many of those commodities are made in China and shipped to the two countries to avoid direct China tariffs and exploit the friendly USMCA (U.S., Mexico and Canada Free Trade Agreement) tariff policies. Global trade gamesmanship at its worst, especially from our “friends” North and South of the border! Not exactly “free and fair!”

By Jeffrey B. Shapiro, Esq.

New York State has enacted the Salary Transparency Law (S.9427/A.10477), now in effect since September 17, 2023. This legislation requires employers with four or more employees to disclose the compensation or range of compensation in all advertisements for job, promotion, or transfer opportunities.

Employers need to be aware of the new salary transparency requirements to avoid fines and other legal consequences. There might be small businesses, especially those without regulatory compliance support, who might not be fully aware of these new requirements.

What Needs to Be Disclosed?

New York State Pay Transparency Law mandates private employers with four or more employees to disclose a salary or pay range in all advertised job, promotion, or transfer opportunities. This applies to positions performed wholly or partly in New York State, and even to remote roles that report to a New York-based supervisor or office. The law covers advertisements across various platforms, such as newspapers, social media, or job-listing websites. The pay range should be a good faith estimate of the employer’s offering, with a defined minimum and maximum, and if it’s a fixed rate, that rate should be specified.

Drafting the Pay Range

The New York State Pay Transparency Law outlines that a pay range, reflecting the minimum and maximum annual salary or hourly rate, must be included in job advertisements. If a fixed rate like $30 an hour is to be offered, it must be listed. Pay ranges can’t be open-ended (e.g., “$20+ an hour”) and should only reflect monetary compensation, not other benefits like insurance or paid leave, though these can be disclosed separately. For commission-based pay, it must be clearly stated in the advertisement. Employers are required to make a good faith effort in determining and presenting the pay range.

By Nicholas A. Marricco, Esq. 

As New York Gov. Kathy Hochul continues to lay out proposals in her Fiscal Year 2026 budget, she recently announced a proposal to reduce what Governor calls “distracted learning” in classrooms across New York State. 

The Governor proposes that districts ban smartphones and smartwatches on school grounds. There are exceptions for the use of devices to manage a medical condition, language translation, specific educational purposes, and the use of devices as part of a child’s IEP or 504 plan. The plan, according to current reporting, is expected to pass both the Senate and Assembly. The law would only apply to public school districts, charter schools, and BOCES schools. Private schools and higher education institutions are not covered by the law. 

The Governor’s proposed smartphone ban would prohibit unsanctioned use of smartphones and other internet-enabled personal devices on school grounds in K-12 schools for the entire school day. Districts will be the ones to create their own plans for storing smartphones and other devices. 

The Governor’s proposal includes $13.5 million in funding for schools who need to purchase storage solutions. While the Governor’s proposal requires that schools provide parents a way to contact their children during the day when necessary, it is currently unclear how Districts will ensure that is possible. 

Over the next few months, parents can attend their district’s board of education meetings to request information from their board on how the board intends to apply the Governor’s smartphone ban. Parents can also request information from their superintendent. Parents are also encouraged to attend Board meetings to voice their concern on their District’s plan to allow Parents to contact their children during the school day.