President Trump's new round of tariffs take effect
President Donald Trump's latest tariffs have caused another wave of market declines worldwide as some countries retaliate and others seek negotiations.
President Donald Trump's latest tariffs have caused another wave of market declines worldwide as some countries retaliate and others seek negotiations.
President Donald Trump's latest tariffs have caused another wave of market declines worldwide as some countries retaliate and others seek negotiations.
President Donald Trump's latest round of tariffs is sending more shockwaves through the global economy. Markets fell overnight Wednesday in Europe, Australia, and most of Asia, while trading in China ended in positive territory.
Trump spoke at a fundraiser Tuesday night, standing by his tariffs on dozens of countries, arguing the taxes are driving them to the bargaining table. In the meantime, it's unclear how much of the costs will be passed onto consumers.
The White House and Trump claim the tariffs are working, with more than 70 countries reaching out to negotiate and "dying to make a deal."
Others, like Canada, are retaliating with a .
"The relationship between Canada and the U.S. will never be the same," , Canadian Minister of Foreign Affairs, said. "We want to make sure that we can be constructive, but we're not naive neither."
Meanwhile, China, hit with a 104% tax from the U.S., is vowing a and pushing back with its own tariffs on American goods. The trade war is forcing prices to go up on everything from cellphones, computers, clothes and even shoes.
"The unpredictability makes it very, very frustrating," appliances business owner Bobby Djavaheri said. "There is no facility outside of China that can make me an air fryer for my business."
Trump says his next target for tariffs is pharmaceuticals, which could drive up costs for prescriptions and government spending on health care.
To prepare, economists recommend consumers be aware of an impending recession.
"This cuts across all income categories, and that is why it carries a great deal of risk for the economy as a whole," , said.
Hamrick says saving money, budgeting and cutting back on some necessities are places to start. He also says consumers should be prepared to see investments decline in value, especially in the stock market.
Higher prices also mean inflation will further dampen the ability to buy things while job prospects and future income may decline.
Experts also recommend stocking up on things that you need on a consistent basis and to be prepared to look for substitutes or buy secondhand when increased prices kick in.