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First Friday: How April’s Tariffs Changed the Economy
May 2, 2025
Join guest Joe Saul-Sehy, a former financial advisor, as he dives into the unexpected impacts of April's unprecedented tariffs on the economy. Discover how consumer confidence is plummeting despite strong job growth and why many Americans are fearing a rise in unemployment. Hear about the trade deficit skyrocketing from preemptive buying sprees and the dramatic reactions in bond markets, including record spikes in Treasury yields. Get insights on navigating market volatility and what these changes may mean for small businesses and investors.
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Quick takeaways
- April's unprecedented tariff levels have triggered a paradox of job growth amid rising consumer pessimism and fears of higher unemployment.
- The surge in inflation expectations has led consumers to stockpile goods, creating short-term benefits but raising concerns about long-term economic sustainability.
Deep dives
Economic Shockwaves from High Tariffs
April witnessed the highest levels of tariffs in over a century, creating significant economic turbulence. The stock market experienced considerable volatility, while bond yields spiked during this period, reflecting investors' reactions to these tariffs. Despite these unsettling conditions, the economy surprisingly added 177,000 jobs in April, which exceeded forecasts and expectations, indicating underlying strength in employment. This juxtaposition of high tariff impacts and job growth raises questions about the resilience of the economy amid such tariff-induced turmoil.
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