Protecting Your Finances Amid Tariff-Fueled Tumult

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🗓️ 10 April 2025

⏱️ 37 minutes

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Summary

It's safe to say there's been a lot of confusion and even panic in the wake of President Donald Trump's tariff announcement last week — investors are confused, the markets are confused, even the president's Republican colleagues are confused.

But what do these tariffs mean for working people? Especially as many have seen their personal wealth take a sizable hit and their budgets likely be blown to bits.

We discuss what the tariffs could mean for America's finances in the near and far futures with The Washington Post's Michelle Singletary. We also hear from Martha Gimbel of the Budget Lab at Yale about the bigger economic picture.

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Transcript

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0:00.0	Hello, I'm Johnny O'Hanson, Jr.
0:02.7	Join me each week on In Black America
0:04.6	as we profile current and historically significant figures
0:08.0	whose stories help illuminate life in Black America.
0:11.4	You don't want to miss the conversation.
0:13.6	KUT Radio and In Black America are members of the NPR Network.
0:17.6	Thanks for listening to In Black America.
0:27.4	Thank you. Network. Thanks for listening to In Black America. It's the first full day of yet another new trade plan from the White House. President Trump
0:32.7	yesterday announced a 90-day pause on tariffs for dozens of countries, saying that many had reached out
0:38.4	to negotiate deals. A blanket 10% tariff remains for most countries, one that's not getting a reprieve
0:44.6	and not entertaining a deal. China. Trump has increased tariffs on China to 125% after China's
0:51.6	latest hike on U.S. import duties. When Trump's announcement came down, the U.S. trade representative, Jameson Greer,
0:58.1	was at that moment testifying before a congressional hearing on trade policy.
1:02.6	Here's how Representative Stephen Horsford of Nevada reacted in the hearing.
1:06.5	He announced it on a tweet.
1:09.0	WTF. Who's in charge? The President of the United States is in charge.
1:13.4	And what do you know about those details? Well, as I mentioned, it looks like your boss just pulled
1:20.5	the rug out from under you and paused the tariffs, the taxes on the American people.
1:26.6	It's the latest swing in a story that's been
1:28.7	dramatic for the stock market, the U.S. economic outlook, and for many of you. I will not tell
1:34.4	you not to panic because I've been screaming all day. That's how Washington Post-Personal Finance
1:39.9	columnist Michelle Singletary began a recent piece about tariff announcements taking Americans 401k's.
	...

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