Leading Through Turbulent Times

This recap was crafted in partnership with Crain’s Content Studio.

• The ever-evolving tariff war is creating uncertainty for Michigan businesses. 
• The current geopolitical climate is slowing business growth. 
• Business leaders believe turbulence is the “new constant.” 

Michigan businesses remain focused on the ever-evolving tariff war. They struggle to keep up with the changes and face uncertainty as President Donald Trump’s sweeping tariffs are blocked. 

“All of us are impacted by tariffs,” Hubbard said. “We’re just trying to understand with better clarity where it’s going to end.” The idea that things have been paused, Hubbard says of the latest U.S. court rulings, creates “more uncertainty.” 

Freese Decker echoes that healthcare companies, in particular, are being hurt by tariffs, especially when it comes to unraveling trade secrets. 

“We probably spend about two billion on supplies,” she said of items like gloves and gowns. “Today, I think 75% of medical devices are structured overseas, and we don’t know where the relative parts are coming from. We only know [the country of origin of] 13% of our supplies.” 

Shortages caused by the ongoing tariff war have left companies like Corewell Health often pivoting on short notice to change healthcare practices, which can impact patients. “We can’t get [items] because of cost,” Freese Decker said. “It adds more complexity to the system.”

The instability of the geopolitical climate has caused Norcia to admit that while the company still sees activity, it’s not as much growth as was expected. Nonetheless, he says DTE Energy continues to invest $4.5 billion annually to rebuild the energy grid and some of Michigan’s gas infrastructure.

“About 85% of that is contracted work,” Norcia explained. “The bigger impact is the rollback of [the Inflation Reduction Act] in our generation.” 

Quigley says constant turbulence is causing businesses to focus their efforts on “non-productive scenario planning,” or addressing the “what ifs” in the world. The 2025 Mackinac Policy Conference Chair admits the “whiplash” and “pinballing” of what can often feel like nonstop changes across the globe makes it “really difficult” to operate a business. 

In addition to being strapped for time and energy while planning for worst-case scenarios amid global turbulence, businesses face additional challenges in finding the right talent. 

While job seekers can upskill and reskill, Quigley says this takes time that businesses don’t have. Companies, for instance, have trouble finding people willing to work on a manufacturing floor for a decent wage. “I don’t know if that’s going to change overnight,” he considered.

However, Hubbard admitted companies can play a bigger role in attracting wider talent pools. 

“We have a higher unemployment rate than [most of] the rest of the country,” she said of Michigan, which is only led by Nevada. “We could do a better job of providing great wages.”

This session was sponsored by PNC Bank.