NerdWallet's Smart Money Podcast
Will New Tariffs and Tax Rules Cost You? (Plus: Travel Rewards & Roth IRA Tips)
Feb 6, 2025
Dive into the world of tariffs and their impact on consumer prices. Discover the best travel credit cards, including the perks of the Chase Sapphire Reserve and American Express Gold. Learn how to navigate the maze of Roth IRAs and investment options for beginners. Gain insights from a lightning round of listener questions, covering everything from travel rewards to tax implications. Stay informed about federal spending changes and consumer protections amid shifting financial policies.
31:01
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Quick takeaways
- Recent tariffs imposed by the Trump administration are expected to increase consumer prices on imported goods and domestic products reliant on foreign parts.
- The legal uncertainty surrounding the Trump administration's federal spending freeze could severely impact federal assistance programs like Medicaid and create confusion for beneficiaries.
Deep dives
Impact of Tariffs on Consumers
Recent tariffs imposed by the Trump administration, notably a 10% tariff on all goods from China, are expected to raise consumer prices across various sectors. Additional tariffs on products from Mexico and Canada have been delayed, creating uncertainty in trade relations. The rationale behind these tariffs includes punitive measures against countries blamed for issues such as drug trafficking and the desire to boost domestic manufacturing. However, the overall effect on consumers is likely to be negative, as they will face higher prices on imported goods, which may also increase costs for products made in the U.S. that rely on foreign parts.
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