Marketplace All-in-One Trade deals and tariff deadline looms large
Jul 7, 2025
As the deadline for trade agreements with the U.S. approaches, nations scramble to avert a return of high tariffs, with hints of flexibility from the White House. The potential rise in tariffs could hit American consumers hard, increasing prices across the board. Meanwhile, there's a troubling surge in bankruptcies among seniors, with figures nearly quadrupling since 2001. With the changing economic landscape and inadequate retirement funds, many older Americans are facing financial peril like never before.
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U.S. Tariff Floor and Revenue
- The U.S. currently has a universal 10% tariff floor plus higher tariffs on China, resulting in about a 15% average tariff on imports.
- This tariff revenue amounts to roughly $300 billion annually, indicating a significant tax impact on U.S. firms and consumers.
Tariffs Impact on Prices Delayed
- Tariff costs are currently absorbed by firms and not fully passed to consumer prices yet.
- Price increases are likely to appear over the summer as firms pass on some costs.
Rising Older Adult Bankruptcies
- Bankruptcy filings among Americans 65 and older have risen from 4.5% in 2001 to nearly 19% in 2022.
- Increasing longevity and decline in employer pensions stress fixed retirement incomes, contributing to financial stress.
