TUE AM News: Talking Trade with Alex Wolf, JP Morgan Private Bank; Belmark starts work on $15M family center

June 16, 2026

— In the latest episode of “Talking Trade,” Alex Wolf of JP Morgan Private Bank says global supply chains are adapting to persistent shocks.

Wolf, the bank’s global head of macro and fixed income strategies, discusses the ripple effects of shifting trade policies and armed conflicts. He notes the new normal for international trade is characterized by frequent “shocks,” pointing to U.S. tariff changes, Russia’s invasion of Ukraine and the war in Iran.

“We’ve seen more stress on global supply chains than we have in a very long time,” Wolf said. “So on the negative side, you almost have a persistent state of uncertainty and … you could even say trade policy almost looks like, the goal of it is to be uncertain and opaque and keep companies guessing.”

But at the same time, “global trade has held up” better than initially expected through this period of uncertainty, according to Wolf.

“If you go back to April last year, and you had a lot of projections and forecasts showing a cratering in global trade, certainly that hasn’t come true,” he said. “We’re seeing still pretty robust demand, so companies have been able to adapt, supply chains have been able to adapt.”

Wolf also shares insights on tariff-related cost increases being absorbed by the economy and how that’s changed over time, as well as how price increases differ between goods and service sectors.

The discussion also explores the shifting U.S. trade relationship with China, as the United States’ trade deficit with the rival nation has declined due to lower imports from China. Still, China’s trade surplus has “continued to balloon,” reaching $1.2 trillion for 2025.

“They’re sending less to the U.S., because the U.S. is buying less, but they’re flooding the rest of the world with goods,” he said. “So they’re finding other markets … that is increasing pressure on the rest of the world that’s seeing a flood of cheap Chinese goods.”

Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel and sponsored by the Dairy Farmers of Wisconsin, Carroll University and Michael Best Strategies.

Watch the full episode here.

“Talking Trade” is now available in audio form on Apple Podcasts and Google Podcasts. Subscribe and find more episodes here.

— Packaging and label manufacturer Belmark Inc. has begun work on a $15 million family center, which will offer childcare and other services when it opens next year.

WEDC yesterday announced the company has broken ground on the project in De Pere, part of a $121 million capital project that’s getting up to $2.5 million in tax credits from the state agency.

Belmark is the first company in the state to qualify for business development tax credits for investing in childcare since the program was expanded in 2023 to include it, according to the Wisconsin Economic Development Corp.

When the new facility opens in 2027, it will provide medical services including mental health care, physical therapy, dietician access and fitness resources. WEDC says the medical and wellness facility will be free for all employees and dependents insured through the company.

The $5.1 million, 14,000-square-foot childcare facility portion of the project will have some slots reserved for children of the company’s employees, while others will be open to the public.

The overarching project, which includes various equipment upgrades, is expected to create 143 new full-time jobs. WEDC says elements of the effort will also drive skill development and training for new and existing employees of the manufacturer.

See more project details in the release.

— The Minocqua Brewing Company has filed suit against the state Department of Revenue, arguing the company is being blocked from selling its Illinois-brewed beer in Wisconsin.

The lawsuit, filed Friday in Dane County Circuit Court, argues the state agency did not provide the brewery with an avenue to pay some $500 in outstanding excise taxes before agents seized 1,200 cans of beer last week.

Liberal activist and Democratic gubernatorial hopeful Kirk Bangstad owns the brewery.

The lawsuit contends that DOR’s enforcement of state alcohol laws unfairly burdens Minocqua Brewing Company for working with an out-of-state contract brewer compared to an in-state brewer and that this violates the interstate commerce clause.

Minocqua Brewing Company is asking a judge to order the $25,000 worth of beer immediately returned to the brewery and for DOR to be prohibited from blocking the beer’s sale as the lawsuit runs its course.

The lawsuit argues the seizure poses a “substantial risk” to the brewery’s finances, as it will lose “substantial revenue during the height of the summer tourism season” if the beer is not returned.

A DOR spokesperson told WisPolitics that the agency does not comment on pending litigation.

Bangstad wrote on Facebook and Substack that he believed the beer seizure marked the “first steps” toward revoking the brewery’s permit.

He repeated claims he made last week that he was being targeted for retaliation for bypassing politically connected alcohol distributors and for criticizing Dem Gov. Tony Evers “for being asleep at the wheel while Trump steamrolls American Democracy.”

Bangstad has also begun selling t-shirts reading “I drank bootlegged beer at the Minocqua Brewing Company.”

Bangstad announced a run for governor last month but was found ineligible by the Wisconsin Elections Commission due to numerous errors in his nomination papers. He has also said he plans to sue the elections agency to get on the ballot.

— U.S. Sen. Tammy Baldwin and other Dem lawmakers are calling for “immediate action” to contain the domestic outbreak of New World screwworm, citing threats to human health and the livestock industry.

The Madison Dem and 20 other senators recently sent a letter to USDA leadership seeking expanded countermeasures against the pest, as at least 12 active cases have been identified in Texas and New Mexico.

This parasitic fly feeds on warm-blooded animals and people, laying eggs in open wounds and other bodily openings where they hatch into flesh-eating maggots. While it’s typically found in South America and nearby regions, it’s been spreading northward through Central America and Mexico since 2023, according to the CDC.

To address the U.S. outbreak and expand the federal government’s response to the parasitic fly, the lawmakers are calling for expanding production of sterile flies to disrupt reproduction, boosting related research into containment and eradication, and expediting approval for technologies to address the outbreak.

The letter also urges greater coordination between government agencies on the issue, incentivizing reporting by indemnifying livestock and poultry producers who report suspected cases, more funding for outreach to livestock and poultry organizations and a number of other measures.

“Due to the scale of the animal health threat that New World Screwworm poses to the United States, we urge the USDA to take further immediate action to contain and respond to this emergency,” the lawmakers wrote.

They also acknowledge the “critical first steps” the agency has already taken such as enhanced surveillance, releasing sterile flies, coordinating with local officials where cases have been found and efforts to protect food supplies.

See the letter.

See the release.

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— Eighteen meat processing companies are getting funding through a state grant program, supporting efforts to introduce new products and expand.

State officials yesterday announced recipients of the 2026 Meat Processor Infrastructure Grant Program, which got a $1 million boost in the latest biennial state budget. A total of $700,000 was available for this year’s round of grants, with up to $50,000 provided for each project.

Recipients are required to provide a 100% match to the grant total, according to the release from Gov. Tony Evers’ office. DATCP says it received 47 applications for $1.77 million in grant requests.

See the release.

— The Wisconsin Technology Council is now taking applications for this year’s Launch Wisconsin competition through Friday.

The program, formerly called the Governor’s Business Plan Contest, puts a spotlight on emerging startups in the state and connects entrepreneurs with coaching and other resources. It’s open to adults in the state that haven’t raised more than $100,000 in dilutive financing.

For the first phase of the contest, closing Friday, applicants must submit an executive summary for their business. Later phases will involve creating a five-minute pitch deck, and finalists will present in October before being evaluated by a panel of judges.

Finalists share in about $180,000 in cash and in-kind prizes, according to the Tech Council.

See the release.

See more on the contest.

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