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Once a month with my peer group of 9 other professionals , I share my “ rose , bud and thorn .” We meet for half a day and talk about all kinds of stuff , family and work related . We ’ re all in different businesses , from insurance to manufacturing to law to banking , etc . The “ rose , bud , thorn ” exercise lets us share a recent success , an emerging opportunity , and a threat to avoid . Then we congratulate each other and advise as needed to encourage those buds and protect against thorns .

It ’ s a good time to do the same here . Thorn first .

Thorn : Tariffs The new administration has floated a wide range of import tariffs , from 200 % tariffs on John Deere products to 60 % tariffs on goods from China , and a 10-20 % tariff on all products imported to the U . S . I ’ m a free-trade guy , and I believe isolationism that comes from tariffs is not good economics . But I will let Don Allan , CEO of Stanley Black

GLENN HANSEN

& Decker ( Dewalt , Cub Cadet , Hustler ) explain as he did recently , “ When I look at our industry , if I took our Chinese operation that we have today that makes power tools and brought it over in the US , the cost to make that product would be about 60 % to 70 % higher . So it ’ s substantial , which the consumer will not pay for .”

On tariffs , Allan , many other business leaders and economists agree . While tariffs might bring initial balance to trade deficits , they have an inflationary effect and are unlikely to increase U . S . manufacturing jobs . Let ’ s hope this thorn gets clipped .

Bud : Battery technology Lithium-ion dominates the talk about batteries today . But tomorrow ? That ’ s the excitement about a bud . Sodium-ion . Solid-state . Lithium-sulphur . The batteries of tomorrow will be lighter , less expensive , easier to recycle , safer , and more energy dense . This is the economic reality coming from a marketplace responding to the world ’ s increased demand for battery-powered vehicles and equipment . It ’ s going to happen , and gasoline or diesel fuel remain buds that will continue to bloom on other flowers . I ’ m looking forward to all the technological improvements .

Rose : The people I meet So many people have had an immense impact on my 2024 and will do so in the year ahead . I learned recently there is science behind this . Shawn Achor , an author and happiness researcher , shared an interesting factoid in his keynote speech at the NALP Elevate conference . Scientists at the University of Plymouth , UK , asked students to estimate the steepness of a hill by tilting a board to match its slope . Students with a friend nearby assessed the hill at 10 to 15 percent less steep compared with those who were alone during the test . Meaning : If you judge a hill you need to climb while standing by yourself , your brain perceives that hill as being 20 percent steeper than if you were standing next to a friend who is not even looking in the direction of the hill . That doesn ’ t make the hill less steep , but it sure makes climb seem easier . Share your Rose , Bud & Thorn with me anytime

– ghansen @ epgacceleration . com

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