The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Wed Mar 12 2025

Daniel de Visé | Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

With the stock market tumbling, consumer confidence skidding and U.S. companies ramping up layoffs, it may look like the nation is hurtling toward a recession.

It isn't – yet. But trouble spots are mounting.

It's tariff time

President Donald Trump's sweeping tariffs on steel and aluminum imports took effect on Wednesday as his administration's drive for better global trade deals sent tremors through financial markets and fueled fears of inflation and recession.

Trump's action to bulk up protections for American steel and aluminum producers restores effective global tariffs of 25% on all imports of the metals and extends the duties to hundreds of products made from the metals.

What's the economic fallout?

More federal layoffs hit

Just a month after Trump's administration fired over 100,000 early-tenure government employees, his administration is planning a larger slashing of workforce across the country, and the details are becoming clearer by the hour.

The job cuts come as economists are increasingly worried about the risk of a recession. (See above.)

One of the latest targets: the Education Department.

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About The Daily Money

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.