The Daily You Have Questions About the Economy. We Have Answers.
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May 5, 2025 
Ben Casselman, Chief Economics Correspondent for The New York Times, breaks down pressing economic questions amidst President Trump’s trade war. He tackles the impact of tariffs on essential products, housing, and job markets. The conversation highlights rising prices and financial strategies for individuals in uncertain times. Casselman provides young investors with advice on navigating market risks while assessing personal finance amidst fluctuating policies. His insights illuminate the delicate balance of confidence in an unpredictable economic landscape.
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Tariffs Impact Prices and Availability
- Tariffs on Chinese goods greatly increase prices and can reduce availability of essential items like baby goods.
- Some products might become impossible to import affordably, forcing consumers to buy before tariffs take full effect.
Consider Preordering Essential Items
- Avoid panic buying but consider preordering essential items like cribs due to tariffs raising costs and lowering availability.
- Timing matters, especially for necessities linked to fixed schedules like a baby's arrival.
Tariffs Push Home Costs Up
- Tariffs raise building costs by increasing prices of imported materials like lumber and appliances.
- Higher inflation from tariffs likely keeps mortgage interest rates high, making buying homes more expensive.