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🗓️ 3 April 2025
⏱️ 6 minutes
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0:31.2 | Hi there. From CNN, I'm Erin Matheson, with the five things you need to know for Thursday, April 3rd. |
0:38.6 | So the new tariffs, President Donald Trump announced yesterday aren't just affecting global stock |
0:43.8 | markets or automakers. They're affecting small businesses and working in middle class households as well. |
0:50.1 | Justin Wolfers, a University of Michigan economics professor, told CNN that we can expect |
0:55.5 | the cost of living to rise by 6% as businesses pass extra costs onto consumers. |
1:01.5 | We can actually think about this as a tax hike. |
1:04.1 | If you measure how much money, Trump thinks he's going to get out of this tax, it's about |
1:09.0 | $5,000 per American household per year. So this is really going to get out of this tax. It's about $5,000 per American household per year. So this is really |
1:14.1 | going to hurt. Wolfers added that the impact will also be felt abroad, as low GDP countries |
1:19.7 | will suffer, quote, damaging effects. And rich nations are appearing to organize and retaliate |
1:25.6 | against the U.S. and leave it isolated. |
1:29.2 | President Trump's made clear. |
1:31.2 | He supports NATO. |
1:32.5 | We're going to remain in NATO. |
1:34.0 | That's Secretary of State Marco Rubio. |
1:36.5 | He's at a NATO meeting in Brussels today. |
1:38.8 | His comments surround concerns that the U.S. will pull out of the alliance. |
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