The Daily Money: Tariff chaos and your wallet
Good morning! It’s Daniel de Visé with your Daily Money.
President Donald Trump is urging everyone to keep their cool. But the rollercoaster tariff war is rattling nerves from coast to coast as Americans nervously watch their stock portfolios and 401(k) accounts yo-yo with the wild gyrations of financial markets.
Economists say consumers have good reason to worry.
Stocks headed down again
U.S. stock futures point to a lower open on Thursday, a day after a historic surge in response to Trump's 90-day pause on some of his most aggressive tariffs.
Before markets opened, futures in the Dow, S&P 500 and Nasdaq were all down.
"The current situation is not only chaotic," ING Economist Carsten Brzeski observed. "It’s crazy."
Tariff war now focuses on China
As Trump rolled back tariffs around the world, he doubled down on China. Steep tariff hikes on Chinese imports went into effect Wednesday. China retaliated, announcing its own tariff on goods from the U.S.
Trump has imposed a total tariff rate of 125% on Chinese imports. Anything China buys from the U.S. will be taxed at 84%, starting Thursday, Chinese officials announced Wednesday.
For the average consumer, some everyday goods are likely to get more expensive.
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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.