The Daily Money: 'Liberation Day' arrives late
Good morning! It’s Daniel de Visé with your Daily Money, "Liberation Day" edition.
If you thought President Trump didn't care about the stock market, then the timing of his hotly anticipated tariff announcement might change your mind.
Trump will unveil his global tariffs plan today at 4 p.m., just as markets close. Stocks have been on a rollercoaster ride, mostly downhill, since the Trump administration began its campaign of import taxes.
Art of the tariff deal
Trump has brought the country to the brink of a global trade war. Today, we will begin to see whether his gamble pays off.
The Republican president and his advisers are defying even most conservative economists by enacting tariffs that are expected to hit every major country, and U.S. consumers, with as-yet-unspecified taxes on imported goods. The retro approach has been years in the making, with Trump refusing to back down in the face of a tumbling stock market and public recriminations from top allies.
Is there still time to buy an untaxed auto?
Jessica Valor had been casually car-hunting since September, with the goal of upgrading from her 12-year-old Mini Cooper this summer. Then, auto tariffs sped up her timeline.
She is not alone. The dealership told her it is seeing a noticeable increase in foot traffic as car buyers try to get ahead of the 25% increase on vehicles and parts produced outside the United States. Trump’s tariffs are expected to significantly increase the prices of new vehicles.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, 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.