Start Here Tariff Price Hikes Take Hold
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Jul 16, 2025 Guest Heather Long, Chief Economist at Navy Federal Credit Union, dives into the economic impact of President Trump's tariffs, highlighting unsettling price hikes for the middle class. She discusses how these tariffs have contributed to market fluctuations, affecting lower-income families while Wall Street remains optimistic. Long also addresses growing concerns surrounding counterfeit pills on college campuses, emphasizing the dangers of illicit substances like methamphetamine and the urgent need for awareness among students.
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Tariffs Spark Early Price Increases
- Tariffs act as taxes on imports, increasing costs generally passed to consumers.
- Early tariff effects are starting to show in price hikes for goods like appliances and linens.
Retailers Buffered Initial Tariff Impact
- Retailers stocked up early on imports to avoid higher tariffs, delaying immediate price rises.
- As inventories dwindle, higher costs from tariffs now impact prices consumers pay.
K-Shaped Economy Deepens Inequality
- The economy exhibits a K-shaped recovery; wealthy benefit while lower-income groups face rising financial stress.
- Price increases from tariffs hit middle and lower-income households hardest, worsening struggles.