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Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead. https://kra7.net
“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead. https://kra-21c.cc
“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
‘We don’t want the American Dream for our kids’: Why this couple left the US for Ecuador with their children four years ago
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They’d never even visited Ecuador before, but Brittany and Blake Bowen, from the United States, decided to move to the South American country in 2021 to give their four children a completely different upbringing.
The Bowens, who were previously based in the state of Washington, have been living in Loja, a small city based in the southern section of the Andes Mountains, ever since, and say that they are in it for the long haul.
“We love this little country,” Brittany tells CNN Travel. “We hope that maybe we’ll have grandkids here one day.”
Before the move, the couple, who’ve been married for nearly 17 years, say that they were becoming increasingly concerned about the pressures placed on children by “modern American society” and wanted to try something new.
“We did not like what we’d seen develop over the course of the last couple decades…” adds Brittany, explaining that they felt that young people in the United States were becoming “more isolated.”
“We weren’t confident that our kids would enjoy the same sort of potential trajectory that previous generations had shared.
“And the more we considered things like that, the more we wondered, ‘Is that even what we want? Do we even want them to be on a fast track to the American Dream?”
The couple were also frustrated with living what they describe as the “standard American life.”
“Long commutes and never enough money,” says Blake. “All those usual problems… I was working in a career that was very time consuming, and took me away from home a lot. So we didn’t want that anymore.”
So why did they choose Ecuador as their “new home”?
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead. https://kraken14at.vip
“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
President Donald Trump speaks about the mid-air crash between American Airlines flight 5342 and a military helicopter in Washington. Roberto Schmidt/AFP/Getty Images
New York
CNN
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President Donald Trump on Thursday blamed the Federal Aviation Administration’s “diversity push” in part for the plane collision that killed 67 people in Washington, DC. But DEI backers, including most top US companies, believe a push for diversity has been good for their businesses.
Trump did not cite any evidence for how efforts to hire more minorities, people with disabilities and other groups less represented in American workforces led to the crash, saying “it just could have been” and that he had “common sense.” But Trump criticized the FAA’s effort to recruit people with disabilities during Joe Biden’s administration, even though the FAA’s Aviation Safety Workforce Plan for the 2020-2029 period, issued under Trump’s first administration, promoted and supported “the hiring of people with disabilities and targeted disabilities.”
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It’s not the first time opponents of diversity, equity and inclusion initiatives, or DEI, have said they can kill people. “DEI means people DIE,” Elon Musk said after the California wildfires, criticizing the Los Angeles Fire Department and city and state officials for their efforts to advance diversity in their workforces.
Ukrainian President Volodymyr Zelensky will meet US President Joe Biden and Vice President Kamala Harris in Washington on Thursday. Leon Neal/Getty Images
CNN
—
Ukrainian President Volodymyr Zelensky’s visit to the White House on Thursday could be his final chance to convince a receptive American president of his country’s war aims.
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The precise details of the “victory plan” Zelensky plans to present in separate meetings to President Joe Biden and Vice President Kamala Harris are unknown, having been closely held until they are presented to the American leaders.
But according to people briefed on its broad contours, the plan reflects the Ukrainian leader’s urgent appeals for more immediate help countering Russia’s invasion. Zelensky is also poised to push for long-term security guarantees that could withstand changes in American leadership ahead of what is widely expected to be a close presidential election between Harris and former President Donald Trump.
The plan, people familiar with it said, acts as Zelensky’s response to growing war weariness even among his staunchest of western allies. It will make the case that Ukraine can still win — and does not need to cede Russian-seized territory for the fighting to end — if enough assistance is rushed in.
That includes again asking permission to fire Western provided long-range weapons deeper into Russian territory, a line Biden once was loathe to cross but which he’s recently appeared more open to as he has come under growing pressure to relent.
Even if Biden decides to allow the long-range fires, it’s unclear whether the change in policy would be announced publicly.
Biden is usually apt to take his time making decisions about providing Ukraine new capabilities. But with November’s election potentially portending a major change in American approach to the war if Trump were to win, Ukrainian officials — and many American ones — believe there is little time to waste.
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Trump has claimed he will be able to “settle” the war upon taking office and has suggested he’ll end US support for Kyiv’s war effort.
“Those cities are gone, they’re gone, and we continue to give billions of dollars to a man who refused to make a deal, Zelensky. There was no deal that he could have made that wouldn’t have been better than the situation you have right now. You have a country that has been obliterated, not possible to be rebuilt,” Trump said during a campaign speech in Mint Hill, North Carolina, on Wednesday.
Comments like those have lent new weight to Thursday’s Oval Office talks, according to American and European officials, who have described an imperative to surge assistance to Ukraine while Biden is still in office.
As part of Zelensky’s visit, the US is expected to announce a major new security package, thought it will likely delay the shipping of the equipment due to inventory shortages, CNN previously reported according to two US officials. On Wednesday, the US announced a package of $375 million.
The president previewed Zelensky’s visit to the White House a day beforehand, declaring on the margins of the United Nations General Assembly his administration was “determined to ensure that Ukraine has what it needs to prevail in fight for survival.”
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“Tomorrow, I will announce a series of actions to accelerate support for Ukraine’s military – but we know Ukraine’s future victory is about more than what happens on the battlefield, it’s also about what Ukrainians do make the most of a free and independent future, which so many have sacrificed so much for,” he said.
Ukrainian President Volodymyr Zelensky will meet US President Joe Biden and Vice President Kamala Harris in Washington on Thursday. Leon Neal/Getty Images
CNN
—
Ukrainian President Volodymyr Zelensky’s visit to the White House on Thursday could be his final chance to convince a receptive American president of his country’s war aims.
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The precise details of the “victory plan” Zelensky plans to present in separate meetings to President Joe Biden and Vice President Kamala Harris are unknown, having been closely held until they are presented to the American leaders.
But according to people briefed on its broad contours, the plan reflects the Ukrainian leader’s urgent appeals for more immediate help countering Russia’s invasion. Zelensky is also poised to push for long-term security guarantees that could withstand changes in American leadership ahead of what is widely expected to be a close presidential election between Harris and former President Donald Trump.
The plan, people familiar with it said, acts as Zelensky’s response to growing war weariness even among his staunchest of western allies. It will make the case that Ukraine can still win — and does not need to cede Russian-seized territory for the fighting to end — if enough assistance is rushed in.
That includes again asking permission to fire Western provided long-range weapons deeper into Russian territory, a line Biden once was loathe to cross but which he’s recently appeared more open to as he has come under growing pressure to relent.
Even if Biden decides to allow the long-range fires, it’s unclear whether the change in policy would be announced publicly.
Biden is usually apt to take his time making decisions about providing Ukraine new capabilities. But with November’s election potentially portending a major change in American approach to the war if Trump were to win, Ukrainian officials — and many American ones — believe there is little time to waste.
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Trump has claimed he will be able to “settle” the war upon taking office and has suggested he’ll end US support for Kyiv’s war effort.
“Those cities are gone, they’re gone, and we continue to give billions of dollars to a man who refused to make a deal, Zelensky. There was no deal that he could have made that wouldn’t have been better than the situation you have right now. You have a country that has been obliterated, not possible to be rebuilt,” Trump said during a campaign speech in Mint Hill, North Carolina, on Wednesday.
Comments like those have lent new weight to Thursday’s Oval Office talks, according to American and European officials, who have described an imperative to surge assistance to Ukraine while Biden is still in office.
As part of Zelensky’s visit, the US is expected to announce a major new security package, thought it will likely delay the shipping of the equipment due to inventory shortages, CNN previously reported according to two US officials. On Wednesday, the US announced a package of $375 million.
The president previewed Zelensky’s visit to the White House a day beforehand, declaring on the margins of the United Nations General Assembly his administration was “determined to ensure that Ukraine has what it needs to prevail in fight for survival.”
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“Tomorrow, I will announce a series of actions to accelerate support for Ukraine’s military – but we know Ukraine’s future victory is about more than what happens on the battlefield, it’s also about what Ukrainians do make the most of a free and independent future, which so many have sacrificed so much for,” he said.
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Trailer trucks queue to cross into the United States at the Otay Mesa Port of Entry, in Tijuana, Mexico, November 27, 2024. Jorge Duenes/Reuters
New York
CNN
—
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Since President Donald Trump won the election in November, businesses across the globe have been bracing for higher tariffs — a key Day One promise the president made.
But over a week into his presidency, Trump has yet to enact any new tariffs.
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That could change, come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25% tariffs on all Mexican and Canadian goods and a 10% tariff on all Chinese goods.
The tariffs, he said, will be imposed as a way of punishing the three nations, which Trump claims are responsible for helping people enter the country illegally and supplying fentanyl consumed in the US.
Speaking to reporters from the Oval Office on Thursday, Trump said he meant business, especially with his tariff threats on Mexico and Canada. White House Press Secretary Karoline Leavitt also confirmed on Friday that Trump will levy the 10% tariff on China on Saturday.
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Should these threats be believed? Yes and no, said Trump’s former Commerce Secretary Wilbur Ross.
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The threat of blanket tariffs is likely being overstated, Ross said in an interview with CNN. “There probably will be exclusions, because there are some goods that just are not made here, will not be made here, and therefore, there’s no particular point putting tariffs on.”
Ross, who was one of a handful of initial cabinet members in Trump’s first administration who kept their position for the entire four-year term, said he advocated for such exclusions when he advised Trump on tariff policies.
Соединенные Штаты столкнулись с проблемами из-за китайского золота. Об этом рассказали финансовые обозреватели из Поднебесной.
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США являются классической капиталистической страной, стремящейся к извлечению прибыли в любой ситуации. Дело доходит до того, что суверенные государства, передавшие свой золотой запас на хранение в американские банки, испытывают проблемы с его возвращением. Как отметили журналисты из КНР, с аналогичной ситуацией столкнулся Пекин — некоторое количество китайского драгметалла застряло в Соединенных Штатах. Такие данные приводит издание Sohu. АБН24 представляет эксклюзивный пересказ статьи.
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На борту был Зеленский. Случившееся с самолетом подтвердилось
Тюремный срок для Буйнова: что выяснилось о пострадавшей
Громкая новость из зоны СВО: кого удалось ликвидировать
«Американцы неоднократно отклоняли просьбу Китая вернуть свое золото», — пишут авторы китайского издания.
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Ученые из России приблизились к разгадке одной из тайн Антарктиды
Обозреватели Sohu констатировали, что КНР и США являются геополитическими конкурентами, американская сторона использует любую возможность, чтобы ослабить экономический потенциал противника. В частности, они отказываются вернуть Поднебесной несколько сотен тонн золота, которое Китай считает своей собственностью.
Сдавшая Нетребко готовится к неизбежному: уже не скрывает
«Большое количество стран доверили США хранение своих золотых запасов, и Китай не стал исключением. Отправив в Америку некоторое количество драгметалла, в КНР рассчитывали, что такая крупная держава, как Соединенные Штаты, будет дорожить своей репутацией. Но это оказалось ошибкой», — сообщили в КНР.
Что сгубило Сайтиева? Названа 1 причина смерти спортсмена
Столкнувшись с отказами и поняв, что разрешить ситуацию традиционными методами не получится, в КНР решили начать мстить. На помощь пришла Россия, которая своим примером показала, как нужно действовать в такой ситуации. Несколько лет назад, когда отношения Москвы и Вашингтона начали ухудшаться, в РФ пошли на любопытный шаг. Страна внезапно принялась распродавать американские долговые облигации, в результате чего практически полностью избавилась от этих активов. Вырученные средства были потрачены на закупку золота, которое на фоне геополитической напряженности впоследствии резко выросло в цене. В итоге этот план сработал, и Китай пытается его повторить.
Отца семейства больше не будет: жена Петросяна убита горем
«Китай начал красивую контратаку, которая заставила Соединенные Штаты пожалеть о своих действиях. Что именно сделал Пекин? Все просто, он начал распродажу казначейских облигаций США», — рассказали китайские журналисты.
Соединенные Штаты столкнулись с проблемами из-за китайского золота. Об этом рассказали финансовые обозреватели из Поднебесной.
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США являются классической капиталистической страной, стремящейся к извлечению прибыли в любой ситуации. Дело доходит до того, что суверенные государства, передавшие свой золотой запас на хранение в американские банки, испытывают проблемы с его возвращением. Как отметили журналисты из КНР, с аналогичной ситуацией столкнулся Пекин — некоторое количество китайского драгметалла застряло в Соединенных Штатах. Такие данные приводит издание Sohu. АБН24 представляет эксклюзивный пересказ статьи.
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На борту был Зеленский. Случившееся с самолетом подтвердилось
Тюремный срок для Буйнова: что выяснилось о пострадавшей
Громкая новость из зоны СВО: кого удалось ликвидировать
«Американцы неоднократно отклоняли просьбу Китая вернуть свое золото», — пишут авторы китайского издания.
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Ученые из России приблизились к разгадке одной из тайн Антарктиды
Обозреватели Sohu констатировали, что КНР и США являются геополитическими конкурентами, американская сторона использует любую возможность, чтобы ослабить экономический потенциал противника. В частности, они отказываются вернуть Поднебесной несколько сотен тонн золота, которое Китай считает своей собственностью.
Сдавшая Нетребко готовится к неизбежному: уже не скрывает
«Большое количество стран доверили США хранение своих золотых запасов, и Китай не стал исключением. Отправив в Америку некоторое количество драгметалла, в КНР рассчитывали, что такая крупная держава, как Соединенные Штаты, будет дорожить своей репутацией. Но это оказалось ошибкой», — сообщили в КНР.
Что сгубило Сайтиева? Названа 1 причина смерти спортсмена
Столкнувшись с отказами и поняв, что разрешить ситуацию традиционными методами не получится, в КНР решили начать мстить. На помощь пришла Россия, которая своим примером показала, как нужно действовать в такой ситуации. Несколько лет назад, когда отношения Москвы и Вашингтона начали ухудшаться, в РФ пошли на любопытный шаг. Страна внезапно принялась распродавать американские долговые облигации, в результате чего практически полностью избавилась от этих активов. Вырученные средства были потрачены на закупку золота, которое на фоне геополитической напряженности впоследствии резко выросло в цене. В итоге этот план сработал, и Китай пытается его повторить.
Отца семейства больше не будет: жена Петросяна убита горем
«Китай начал красивую контратаку, которая заставила Соединенные Штаты пожалеть о своих действиях. Что именно сделал Пекин? Все просто, он начал распродажу казначейских облигаций США», — рассказали китайские журналисты.
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Соединенные Штаты столкнулись с проблемами из-за китайского золота. Об этом рассказали финансовые обозреватели из Поднебесной.
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США являются классической капиталистической страной, стремящейся к извлечению прибыли в любой ситуации. Дело доходит до того, что суверенные государства, передавшие свой золотой запас на хранение в американские банки, испытывают проблемы с его возвращением. Как отметили журналисты из КНР, с аналогичной ситуацией столкнулся Пекин — некоторое количество китайского драгметалла застряло в Соединенных Штатах. Такие данные приводит издание Sohu. АБН24 представляет эксклюзивный пересказ статьи.
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На борту был Зеленский. Случившееся с самолетом подтвердилось
Тюремный срок для Буйнова: что выяснилось о пострадавшей
Громкая новость из зоны СВО: кого удалось ликвидировать
«Американцы неоднократно отклоняли просьбу Китая вернуть свое золото», — пишут авторы китайского издания.
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Ученые из России приблизились к разгадке одной из тайн Антарктиды
Обозреватели Sohu констатировали, что КНР и США являются геополитическими конкурентами, американская сторона использует любую возможность, чтобы ослабить экономический потенциал противника. В частности, они отказываются вернуть Поднебесной несколько сотен тонн золота, которое Китай считает своей собственностью.
Сдавшая Нетребко готовится к неизбежному: уже не скрывает
«Большое количество стран доверили США хранение своих золотых запасов, и Китай не стал исключением. Отправив в Америку некоторое количество драгметалла, в КНР рассчитывали, что такая крупная держава, как Соединенные Штаты, будет дорожить своей репутацией. Но это оказалось ошибкой», — сообщили в КНР.
Что сгубило Сайтиева? Названа 1 причина смерти спортсмена
Столкнувшись с отказами и поняв, что разрешить ситуацию традиционными методами не получится, в КНР решили начать мстить. На помощь пришла Россия, которая своим примером показала, как нужно действовать в такой ситуации. Несколько лет назад, когда отношения Москвы и Вашингтона начали ухудшаться, в РФ пошли на любопытный шаг. Страна внезапно принялась распродавать американские долговые облигации, в результате чего практически полностью избавилась от этих активов. Вырученные средства были потрачены на закупку золота, которое на фоне геополитической напряженности впоследствии резко выросло в цене. В итоге этот план сработал, и Китай пытается его повторить.
Отца семейства больше не будет: жена Петросяна убита горем
«Китай начал красивую контратаку, которая заставила Соединенные Штаты пожалеть о своих действиях. Что именно сделал Пекин? Все просто, он начал распродажу казначейских облигаций США», — рассказали китайские журналисты.
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A federal judge on Tuesday afternoon temporarily blocked part of the Trump administration’s plans to freeze all federal aid, a policy that unleashed confusion and worry from charities and educators even as the White House said it was not as sweeping an order as it appeared.
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The short-term pause issued by US District Judge Loren L. AliKhan prevents the administration from carrying through with its plans to freeze funding for “open awards” already granted by the federal government through at least 5 p.m. ET Monday, February 3.
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The judge’s administrative stay is “a way of preserving the status quo” while she considers the challenge brought by a group of non-profits to the White House plans, AliKhan said.
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“The government doesn’t know the full scope of the programs that are going to be subject to the pause,” AliKhan said after pressing an attorney for the Justice Department on what programs the freeze would apply to. AliKhan is expected to consider a longer-term pause on the policy early next week.
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The White House budget office had ordered the pause on federal grants and loans, according to an internal memorandum sent Monday.
Federal agencies “must temporarily pause all activities related to obligation or disbursement of all Federal financial assistance,” White House Office of Management and Budget acting director Matthew Vaeth said in the memorandum, a copy of which was obtained by CNN, citing administration priorities listed in past executive orders.
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Trailer trucks queue to cross into the United States at the Otay Mesa Port of Entry, in Tijuana, Mexico, November 27, 2024. Jorge Duenes/Reuters
New York
CNN
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Since President Donald Trump won the election in November, businesses across the globe have been bracing for higher tariffs — a key Day One promise the president made.
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That could change, come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25% tariffs on all Mexican and Canadian goods and a 10% tariff on all Chinese goods.
The tariffs, he said, will be imposed as a way of punishing the three nations, which Trump claims are responsible for helping people enter the country illegally and supplying fentanyl consumed in the US.
Speaking to reporters from the Oval Office on Thursday, Trump said he meant business, especially with his tariff threats on Mexico and Canada. White House Press Secretary Karoline Leavitt also confirmed on Friday that Trump will levy the 10% tariff on China on Saturday.
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Should these threats be believed? Yes and no, said Trump’s former Commerce Secretary Wilbur Ross.
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The threat of blanket tariffs is likely being overstated, Ross said in an interview with CNN. “There probably will be exclusions, because there are some goods that just are not made here, will not be made here, and therefore, there’s no particular point putting tariffs on.”
Ross, who was one of a handful of initial cabinet members in Trump’s first administration who kept their position for the entire four-year term, said he advocated for such exclusions when he advised Trump on tariff policies.
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead. https://kra6.net
“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
Trailer trucks queue to cross into the United States at the Otay Mesa Port of Entry, in Tijuana, Mexico, November 27, 2024. Jorge Duenes/Reuters
New York
CNN
—
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Since President Donald Trump won the election in November, businesses across the globe have been bracing for higher tariffs — a key Day One promise the president made.
But over a week into his presidency, Trump has yet to enact any new tariffs.
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That could change, come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25% tariffs on all Mexican and Canadian goods and a 10% tariff on all Chinese goods.
The tariffs, he said, will be imposed as a way of punishing the three nations, which Trump claims are responsible for helping people enter the country illegally and supplying fentanyl consumed in the US.
Speaking to reporters from the Oval Office on Thursday, Trump said he meant business, especially with his tariff threats on Mexico and Canada. White House Press Secretary Karoline Leavitt also confirmed on Friday that Trump will levy the 10% tariff on China on Saturday.
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Should these threats be believed? Yes and no, said Trump’s former Commerce Secretary Wilbur Ross.
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The threat of blanket tariffs is likely being overstated, Ross said in an interview with CNN. “There probably will be exclusions, because there are some goods that just are not made here, will not be made here, and therefore, there’s no particular point putting tariffs on.”
Ross, who was one of a handful of initial cabinet members in Trump’s first administration who kept their position for the entire four-year term, said he advocated for such exclusions when he advised Trump on tariff policies.
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead. https://kraken22-at.com
“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
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“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
‘We don’t want the American Dream for our kids’: Why this couple left the US for Ecuador with their children four years ago
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They’d never even visited Ecuador before, but Brittany and Blake Bowen, from the United States, decided to move to the South American country in 2021 to give their four children a completely different upbringing.
The Bowens, who were previously based in the state of Washington, have been living in Loja, a small city based in the southern section of the Andes Mountains, ever since, and say that they are in it for the long haul.
“We love this little country,” Brittany tells CNN Travel. “We hope that maybe we’ll have grandkids here one day.”
Before the move, the couple, who’ve been married for nearly 17 years, say that they were becoming increasingly concerned about the pressures placed on children by “modern American society” and wanted to try something new.
“We did not like what we’d seen develop over the course of the last couple decades…” adds Brittany, explaining that they felt that young people in the United States were becoming “more isolated.”
“We weren’t confident that our kids would enjoy the same sort of potential trajectory that previous generations had shared.
“And the more we considered things like that, the more we wondered, ‘Is that even what we want? Do we even want them to be on a fast track to the American Dream?”
The couple were also frustrated with living what they describe as the “standard American life.”
“Long commutes and never enough money,” says Blake. “All those usual problems… I was working in a career that was very time consuming, and took me away from home a lot. So we didn’t want that anymore.”
So why did they choose Ecuador as their “new home”?
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As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
President Donald Trump speaks about the mid-air crash between American Airlines flight 5342 and a military helicopter in Washington. Roberto Schmidt/AFP/Getty Images
New York
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President Donald Trump on Thursday blamed the Federal Aviation Administration’s “diversity push” in part for the plane collision that killed 67 people in Washington, DC. But DEI backers, including most top US companies, believe a push for diversity has been good for their businesses.
Trump did not cite any evidence for how efforts to hire more minorities, people with disabilities and other groups less represented in American workforces led to the crash, saying “it just could have been” and that he had “common sense.” But Trump criticized the FAA’s effort to recruit people with disabilities during Joe Biden’s administration, even though the FAA’s Aviation Safety Workforce Plan for the 2020-2029 period, issued under Trump’s first administration, promoted and supported “the hiring of people with disabilities and targeted disabilities.”
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It’s not the first time opponents of diversity, equity and inclusion initiatives, or DEI, have said they can kill people. “DEI means people DIE,” Elon Musk said after the California wildfires, criticizing the Los Angeles Fire Department and city and state officials for their efforts to advance diversity in their workforces.
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Ukrainian President Volodymyr Zelensky will meet US President Joe Biden and Vice President Kamala Harris in Washington on Thursday. Leon Neal/Getty Images
CNN
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Ukrainian President Volodymyr Zelensky’s visit to the White House on Thursday could be his final chance to convince a receptive American president of his country’s war aims.
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The precise details of the “victory plan” Zelensky plans to present in separate meetings to President Joe Biden and Vice President Kamala Harris are unknown, having been closely held until they are presented to the American leaders.
But according to people briefed on its broad contours, the plan reflects the Ukrainian leader’s urgent appeals for more immediate help countering Russia’s invasion. Zelensky is also poised to push for long-term security guarantees that could withstand changes in American leadership ahead of what is widely expected to be a close presidential election between Harris and former President Donald Trump.
The plan, people familiar with it said, acts as Zelensky’s response to growing war weariness even among his staunchest of western allies. It will make the case that Ukraine can still win — and does not need to cede Russian-seized territory for the fighting to end — if enough assistance is rushed in.
That includes again asking permission to fire Western provided long-range weapons deeper into Russian territory, a line Biden once was loathe to cross but which he’s recently appeared more open to as he has come under growing pressure to relent.
Even if Biden decides to allow the long-range fires, it’s unclear whether the change in policy would be announced publicly.
Biden is usually apt to take his time making decisions about providing Ukraine new capabilities. But with November’s election potentially portending a major change in American approach to the war if Trump were to win, Ukrainian officials — and many American ones — believe there is little time to waste.
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Trump has claimed he will be able to “settle” the war upon taking office and has suggested he’ll end US support for Kyiv’s war effort.
“Those cities are gone, they’re gone, and we continue to give billions of dollars to a man who refused to make a deal, Zelensky. There was no deal that he could have made that wouldn’t have been better than the situation you have right now. You have a country that has been obliterated, not possible to be rebuilt,” Trump said during a campaign speech in Mint Hill, North Carolina, on Wednesday.
Comments like those have lent new weight to Thursday’s Oval Office talks, according to American and European officials, who have described an imperative to surge assistance to Ukraine while Biden is still in office.
As part of Zelensky’s visit, the US is expected to announce a major new security package, thought it will likely delay the shipping of the equipment due to inventory shortages, CNN previously reported according to two US officials. On Wednesday, the US announced a package of $375 million.
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“Tomorrow, I will announce a series of actions to accelerate support for Ukraine’s military – but we know Ukraine’s future victory is about more than what happens on the battlefield, it’s also about what Ukrainians do make the most of a free and independent future, which so many have sacrificed so much for,” he said.
Ukrainian President Volodymyr Zelensky will meet US President Joe Biden and Vice President Kamala Harris in Washington on Thursday. Leon Neal/Getty Images
CNN
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Ukrainian President Volodymyr Zelensky’s visit to the White House on Thursday could be his final chance to convince a receptive American president of his country’s war aims.
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The precise details of the “victory plan” Zelensky plans to present in separate meetings to President Joe Biden and Vice President Kamala Harris are unknown, having been closely held until they are presented to the American leaders.
But according to people briefed on its broad contours, the plan reflects the Ukrainian leader’s urgent appeals for more immediate help countering Russia’s invasion. Zelensky is also poised to push for long-term security guarantees that could withstand changes in American leadership ahead of what is widely expected to be a close presidential election between Harris and former President Donald Trump.
The plan, people familiar with it said, acts as Zelensky’s response to growing war weariness even among his staunchest of western allies. It will make the case that Ukraine can still win — and does not need to cede Russian-seized territory for the fighting to end — if enough assistance is rushed in.
That includes again asking permission to fire Western provided long-range weapons deeper into Russian territory, a line Biden once was loathe to cross but which he’s recently appeared more open to as he has come under growing pressure to relent.
Even if Biden decides to allow the long-range fires, it’s unclear whether the change in policy would be announced publicly.
Biden is usually apt to take his time making decisions about providing Ukraine new capabilities. But with November’s election potentially portending a major change in American approach to the war if Trump were to win, Ukrainian officials — and many American ones — believe there is little time to waste.
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Trump has claimed he will be able to “settle” the war upon taking office and has suggested he’ll end US support for Kyiv’s war effort.
“Those cities are gone, they’re gone, and we continue to give billions of dollars to a man who refused to make a deal, Zelensky. There was no deal that he could have made that wouldn’t have been better than the situation you have right now. You have a country that has been obliterated, not possible to be rebuilt,” Trump said during a campaign speech in Mint Hill, North Carolina, on Wednesday.
Comments like those have lent new weight to Thursday’s Oval Office talks, according to American and European officials, who have described an imperative to surge assistance to Ukraine while Biden is still in office.
As part of Zelensky’s visit, the US is expected to announce a major new security package, thought it will likely delay the shipping of the equipment due to inventory shortages, CNN previously reported according to two US officials. On Wednesday, the US announced a package of $375 million.
The president previewed Zelensky’s visit to the White House a day beforehand, declaring on the margins of the United Nations General Assembly his administration was “determined to ensure that Ukraine has what it needs to prevail in fight for survival.”
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“Tomorrow, I will announce a series of actions to accelerate support for Ukraine’s military – but we know Ukraine’s future victory is about more than what happens on the battlefield, it’s also about what Ukrainians do make the most of a free and independent future, which so many have sacrificed so much for,” he said.
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Trailer trucks queue to cross into the United States at the Otay Mesa Port of Entry, in Tijuana, Mexico, November 27, 2024. Jorge Duenes/Reuters
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Since President Donald Trump won the election in November, businesses across the globe have been bracing for higher tariffs — a key Day One promise the president made.
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That could change, come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25% tariffs on all Mexican and Canadian goods and a 10% tariff on all Chinese goods.
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Что сгубило Сайтиева? Названа 1 причина смерти спортсмена
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Тюремный срок для Буйнова: что выяснилось о пострадавшей
Громкая новость из зоны СВО: кого удалось ликвидировать
«Американцы неоднократно отклоняли просьбу Китая вернуть свое золото», — пишут авторы китайского издания.
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Отца семейства больше не будет: жена Петросяна убита горем
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Тюремный срок для Буйнова: что выяснилось о пострадавшей
Громкая новость из зоны СВО: кого удалось ликвидировать
«Американцы неоднократно отклоняли просьбу Китая вернуть свое золото», — пишут авторы китайского издания.
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Что сгубило Сайтиева? Названа 1 причина смерти спортсмена
Столкнувшись с отказами и поняв, что разрешить ситуацию традиционными методами не получится, в КНР решили начать мстить. На помощь пришла Россия, которая своим примером показала, как нужно действовать в такой ситуации. Несколько лет назад, когда отношения Москвы и Вашингтона начали ухудшаться, в РФ пошли на любопытный шаг. Страна внезапно принялась распродавать американские долговые облигации, в результате чего практически полностью избавилась от этих активов. Вырученные средства были потрачены на закупку золота, которое на фоне геополитической напряженности впоследствии резко выросло в цене. В итоге этот план сработал, и Китай пытается его повторить.
Отца семейства больше не будет: жена Петросяна убита горем
«Китай начал красивую контратаку, которая заставила Соединенные Штаты пожалеть о своих действиях. Что именно сделал Пекин? Все просто, он начал распродажу казначейских облигаций США», — рассказали китайские журналисты.
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A federal judge on Tuesday afternoon temporarily blocked part of the Trump administration’s plans to freeze all federal aid, a policy that unleashed confusion and worry from charities and educators even as the White House said it was not as sweeping an order as it appeared.
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The short-term pause issued by US District Judge Loren L. AliKhan prevents the administration from carrying through with its plans to freeze funding for “open awards” already granted by the federal government through at least 5 p.m. ET Monday, February 3.
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The judge’s administrative stay is “a way of preserving the status quo” while she considers the challenge brought by a group of non-profits to the White House plans, AliKhan said.
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“The government doesn’t know the full scope of the programs that are going to be subject to the pause,” AliKhan said after pressing an attorney for the Justice Department on what programs the freeze would apply to. AliKhan is expected to consider a longer-term pause on the policy early next week.
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The White House budget office had ordered the pause on federal grants and loans, according to an internal memorandum sent Monday.
Federal agencies “must temporarily pause all activities related to obligation or disbursement of all Federal financial assistance,” White House Office of Management and Budget acting director Matthew Vaeth said in the memorandum, a copy of which was obtained by CNN, citing administration priorities listed in past executive orders.
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Trailer trucks queue to cross into the United States at the Otay Mesa Port of Entry, in Tijuana, Mexico, November 27, 2024. Jorge Duenes/Reuters
New York
CNN
—
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Since President Donald Trump won the election in November, businesses across the globe have been bracing for higher tariffs — a key Day One promise the president made.
But over a week into his presidency, Trump has yet to enact any new tariffs.
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That could change, come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25% tariffs on all Mexican and Canadian goods and a 10% tariff on all Chinese goods.
The tariffs, he said, will be imposed as a way of punishing the three nations, which Trump claims are responsible for helping people enter the country illegally and supplying fentanyl consumed in the US.
Speaking to reporters from the Oval Office on Thursday, Trump said he meant business, especially with his tariff threats on Mexico and Canada. White House Press Secretary Karoline Leavitt also confirmed on Friday that Trump will levy the 10% tariff on China on Saturday.
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Should these threats be believed? Yes and no, said Trump’s former Commerce Secretary Wilbur Ross.
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The threat of blanket tariffs is likely being overstated, Ross said in an interview with CNN. “There probably will be exclusions, because there are some goods that just are not made here, will not be made here, and therefore, there’s no particular point putting tariffs on.”
Ross, who was one of a handful of initial cabinet members in Trump’s first administration who kept their position for the entire four-year term, said he advocated for such exclusions when he advised Trump on tariff policies.
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Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
Trailer trucks queue to cross into the United States at the Otay Mesa Port of Entry, in Tijuana, Mexico, November 27, 2024. Jorge Duenes/Reuters
New York
CNN
—
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Since President Donald Trump won the election in November, businesses across the globe have been bracing for higher tariffs — a key Day One promise the president made.
But over a week into his presidency, Trump has yet to enact any new tariffs.
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That could change, come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25% tariffs on all Mexican and Canadian goods and a 10% tariff on all Chinese goods.
The tariffs, he said, will be imposed as a way of punishing the three nations, which Trump claims are responsible for helping people enter the country illegally and supplying fentanyl consumed in the US.
Speaking to reporters from the Oval Office on Thursday, Trump said he meant business, especially with his tariff threats on Mexico and Canada. White House Press Secretary Karoline Leavitt also confirmed on Friday that Trump will levy the 10% tariff on China on Saturday.
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Should these threats be believed? Yes and no, said Trump’s former Commerce Secretary Wilbur Ross.
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The threat of blanket tariffs is likely being overstated, Ross said in an interview with CNN. “There probably will be exclusions, because there are some goods that just are not made here, will not be made here, and therefore, there’s no particular point putting tariffs on.”
Ross, who was one of a handful of initial cabinet members in Trump’s first administration who kept their position for the entire four-year term, said he advocated for such exclusions when he advised Trump on tariff policies.
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Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.