Thursday, May 8, 2025

The US has its first trade deal

Plus: student loan borrowers face threat ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Thu May 8 2025

 

Betty Lin-Fisher Consumer reporter

@blinfisher

Good morning. This is Betty Lin-Fisher with today's edition of The Daily Money.

President Donald Trump has announced a trade deal with the United Kingdom. It is the first trade pact since he paused reciprocal tariffs and began negotiating with countries to lower trade barriers.

Trump imposed reciprocal tariffs on a number of countries April 2 but later paused most of them for 90 days, saying those nations' leaders were eager to negotiate trade deals. Since then administration officials repeatedly have said they are close to making deals, reports Zac Anderson.

The UK wasn't hit with a reciprocal tariff but faces a 10% universal tariff and 25% tariffs Trump imposed on foreign automobiles, steel and aluminum.

More details of the trade deal will be released this morning during a press conference.

Usa Trump 100 Days Foreign Policy

U.S. President Donald Trump holds a letter from Britain's King Charles as he meets with British Prime Minister Keir Starmer in the Oval Office at the White House in Washington, D.C., U.S., February 27, 2025.

Kevin Lamarque, REUTERS

Defaulted student loan borrowers face threat

More than 5 million student loan borrowers who are behind on their payments could soon face serious benefit consequences by the end of the summer.

The U.S. Department of Education announced on May 5 that by the end of summer, 5.3 million defaulted student loan borrowers will receive a 30-day notice from the U.S. Department of Treasury, notifying them that they could lose federal benefits.

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🍔 Today's Menu 🍔

What happens when your 8-year-old orders nearly 70,000 Dum Dum lollipops to be delivered to your house? A Kentucky mom couldn't believe it when her son yelled:   "Mom, my suckers are here!"

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.

US President Donald Trump holds a bilateral meeting with British Prime Minister Keir Starmer in the Oval Office of the White House in Washington, DC, on February 27, 2025.

President Donald Trump said Thursday that an agreement with Britain would be a full and comprehensive one.

A 3D-printed miniature model of President Donald Trump with the U.S. Department of Education logo in the background is seen in this illustration taken on April 23, 2025.
 

Feds: Benefits to be withheld from defaulted student loan borrowers

By the end of summer, 5.3 million defaulted student loan borrowers may lose federal wages and benefits, the Department of Education announced.

: How to stay entertained on long road trips.
 

7 unexpected items to pack on your next road trip

Cut down on any potential in-car chaos by packing these useful yet unexpected items on your next road trip.

Federal Reserve Chair Jerome Powell testifies on Capitol Hill in Washington, D.C.
 

Could the Fed wait too long to cut interest rates? Here's the risks.

Jerome Powell said the Federal Reserve can wait to see which effect from Trump's tariffs is worse - high inflation or a weak economy.

The Aurora State Airport air traffic control tower is seen near the runway on Thursday, Dec. 26, 2024, in Aurora, Ore.
 

FAA tries to boost Air Traffic Controller hiring: Here's what it takes

Air Traffic Controllers are well-paid but work under a lot of stress. Here's what's required to do the job.

Royal Caribbean's Icon of the Seas, the largest cruise ship in the world, is docked at Costa Maya Cruise Port in Mexico on Feb. 6, 2024.
 

Cruise passengers will pay a new fee to visit Mexico starting in July

Mexico will begin charging cruise passengers a new fee starting this July, but lower than initially feared.

Eddy Cue, Senior Vice President of Internet Software and Services for Apple Inc.,discusses the company's tvOS at the company's World Wide Developers Conference in San Francisco, California, U.S. June 13, 2016.
 

Why Apple thinks AI is your new Google

Apple executive Eddy Cue said the iPhone maker is "actively looking at" adding AI as an alternative to search. What this means for you.

Cases of Dum-Dums orderd by Kentucky 8-year-old Liam LaFavers on May 3, 2025.
 

Son buys 70,000 lollipops online. Here's how mom reacted.

Liam LaFavers, 8, spent $4,200 on the Dum-Dum lollipops on May 3. In total, he ordered nearly 70,000 suckers, or 30 cases of the popular candy.

A view of terminal C from terminal B of Newark Liberty Airport, Newark, N.J., May 7, 2025.
 

The FAA is taking these steps to prevent more Newark Airport chaos

After days of chaos at Newark Liberty International Airport, travel headaches are easing and the FAA is implementing a plan for fixes.

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