Good morning! It’s Daniel de Visé with your Daily Money.
Today might not be the best time to check your 401(k) balance.
U.S. stock futures point to a rough day ahead on Wall Street, with Dow futures plunging more than 1,000 points after President Donald Trump unveiled his tariff plan late Wednesday.
Medora Lee is following the market today.
Tariffs hit low-income Americans hardest
President Trump says his new tariffs will punish other countries for unfair trade practices. But some economists predict Americans will feel the pain, and low-income Americans most of all.
The Trump administration is moving forward with 10% tariffs on imports from all trading partners outside Canada and Mexico, set to go into effect Saturday, plus additional duties on about 60 countries starting April 9. At least some of the cost will be passed on to consumers, with the lowest-earning households expected to be dealt the biggest blow.
Is a recession coming?
The sweeping tariffs announced Wednesday, combined with other import levies, likely would plunge the nation and world into a deep recession if the Trump administration follows through on the plan, economists say.
The most far-reaching version of Trump’s strategy would raise the effective tariff on U.S. imports to about 20%, comparable to the heavy import duties the nation imposed in the 1930s, which contributed to the Great Depression.
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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.
