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. |
While campaigning for president, Donald Trump said he would impose a 60% tariff on products from China, America's leading foreign supplier, and tariffs as high as 20% on other U.S. imports. |
But retailers say tariffs will hurt U.S. consumers. |
Trump has said foreign countries would pay the tariffs, which are taxes on imported goods. However, retailers and economists say it's American shoppers who will end up paying more. |
The Federal Reserve lowered its key interest rate by a quarter percentage point Thursday, its second straight rate cut in response to easing inflation, a move tailored to further trim borrowing costs for millions of Americans. |
But the more modest cut could foreshadow a slower pace of future rate decreases, especially after Donald Trump's victory in the presidential election. Forecasters expect Trump's tax, trade and immigration policies to partly reignite inflation, which has pulled back substantially since 2022. |
📰 More stories you shouldn't miss 📰 |
Finally, here's a story from Betty Lin-Fisher. We offer it as our Consumer Friday read. |
If you're in the market for a used car, be on the lookout for flood-damaged or water-damaged vehicles that may have been cleaned up and put up for sale to unsuspecting buyers. |
As many as 347,000 vehicles have been flood-damaged this year, according to estimates by CARFAX. Hurricane Milton added as many as 120,000 vehicles in Florida, on top of 138,000 vehicles damaged by Hurricane Helene across several states. And up to 89,000 vehicles were hit with water damage from smaller storms during the summer. |
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. | | | | Donald Trump says foreign nations will pay the costs of tariffs he imposes, but usually it's U.S. consumers who pick up the tab. | | | | After a September half-point cut, the reduction would bring the benchmark federal funds rate down three-quarters of a point from its 23-year high. | | | | Flood-damaged or water-damaged vehicles are often cleaned up and resold by shady businesses. | | | | Americans who are feeling lonely may have inflation partly to blame, a survey shows. The cost of keeping up with friends is too expensive for some. | | | | We chatted about all things Thanksgiving with the Butterball CEO. | | | | The Dow ends flat but S&P 500 and Nasdaq add to their steep post-election gains after the Fed trims rates and hints at more though pace is uncertain. | | | | The big lawsuits that upended real estate industry commissions got a lot of attention for buyers, but sellers also face new terrain and hard choices. | | | | Bond yields have surged following the election. Anyone hoping for a lower mortgage rate will have to grab any chance they get in the coming weeks. | | | | Scam victims in the U.S. were also the hardest hit, losing on average $3,520 per victim. | | | | 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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