ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
Today might not be the best time to check your 401(k) balance. |
U.S. stock futures point to a rough day ahead on Wall Street, with Dow futures plunging more than 1,000 points after President Donald Trump unveiled his tariff plan late Wednesday. |
Tariffs hit low-income Americans hardest |
President Trump says his new tariffs will punish other countries for unfair trade practices. But some economists predict Americans will feel the pain, and low-income Americans most of all. |
The Trump administration is moving forward with 10% tariffs on imports from all trading partners outside Canada and Mexico, set to go into effect Saturday, plus additional duties on about 60 countries starting April 9. At least some of the cost will be passed on to consumers, with the lowest-earning households expected to be dealt the biggest blow. |
The sweeping tariffs announced Wednesday, combined with other import levies, likely would plunge the nation and world into a deep recession if the Trump administration follows through on the plan, economists say. |
The most far-reaching version of Trump's strategy would raise the effective tariff on U.S. imports to about 20%, comparable to the heavy import duties the nation imposed in the 1930s, which contributed to the Great Depression. |
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Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. |
Daniel de Visé covers personal finance for USA Today. | | | | Opponents of Trump's plan that imposes 10% tariffs on imports from all countries say it could fuel inflation while spinning the economy to recession. | | | | Trump's historic import tariffs could drive up inflation, knock the nation into recession, economists say | | | | President Trump says his new tariffs will grow the U.S. economy. But how much will this growth plan cost you? What you need to know. | | | | President Donald Trump said he'll be rolling out reciprocal tariffs. Here's what that means for the U.S. and its trading partners. | | | | The Social Security Administration said it would begin sending letters about changes to overpayments. Here's what to know if you got one. | | | | The way most Americans save gives new meaning to the term "idle cash." | | | | What's popular and well-intentioned isn't always what's financially best for Social Security. | | | | National egg prices fell 9 percent last week to an average of of $3 a dozen, continuing a recent downward trend after a national egg shortage. | | | | The Trump administration is cutting hundreds of thousands of federal jobs to save money. At one federal agency, the cuts may actually cost money. | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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