meta_pixel
Tapesearch Logo
Log in
The Ramsey Show Highlights

This Is How Trump's Tariffs Will Affect You

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 24 February 2025

⏱️ 9 minutes

🧾️ Download transcript

Summary

📈 Are you on track with the Baby Steps? Get a Free Personalized Plan Did you miss the latest Ramsey Show episode? Don’t worry—we’ve got you covered! Get all the highlights you missed plus some of the best moments from the show. Watch entertaining calls, Dave Rants, guest interviews, and more! Next Steps 💵 Start your free budget today. Download the EveryDollar app! 🏘️ Free Tools & Resources to Reach Your Home Goals - https://ter.li/yib9sw 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! Listen to more from Ramsey Network 🎙️ The Ramsey Show  🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Brought you by YREFI, refinance your defaulted private student loans today at YREFI.com

0:09.0

slash Ramsey.

0:09.8

Today's question comes from Brianna in Washington, D.C.

0:12.8

Can you explain how President Trump's new executive order on tariffs will affect me at a personal level?

0:18.1

Well, this is, my answer will be based on if the tariffs stand. Right now,

0:23.4

there's been an extension. If you're paying attention to the news, President Trump mentioned

0:28.0

the tariffs would take place, Canada, Mexico specifically, and then they responded, their

0:33.8

governments responded. And so now there is a, we'll call it a waiting period to see how this plays out.

0:39.1

But if the tariffs were to go into place, and I'm just going to be honest, so if this offends you, folks, honesty is what I'm going to go with.

0:47.4

Tariffs will affect us. There's no question. Even President Trump has said, and I quote, that prices will go up. There's no question that that's how tariffs work.

0:56.8

Even though a tariff is placed on a foreign country, that is on the goods and stuff that they would,

1:02.3

of course, export to American companies. And so American companies will have to pay the tariff.

1:08.0

The idea is to drive American goods, which I'm all for,

1:13.1

but there's no question that tariffs are passed on from American companies to American consumers.

1:19.0

So it's a long-held economic strategy. Sometimes it works. Sometimes it doesn't. We'll see how this

1:25.9

plays out. It's too soon to tell because,

1:27.5

again, we've got a bit of a moratorium. But if they go into place on certain goods and services,

1:33.1

you will see an increase in cost. The question is how much of an increase in cost, and that

1:38.8

comes down to the American company that is, again, getting goods from Mexico or Canada. So that's how that works. And I've

1:46.3

never seen companies not pass on increased costs to customers across the board. I've got a friend

1:53.1

building a house in Cabo in Mexico. Yeah. And he just had some of his appliances and his plumbing fixtures shipped in from the states.

2:04.4

Mexico adds a 33%.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Ramsey Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ramsey Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.