Eyewitness News Guide to Tariffs
NEW YORK (WABC) -- President Donald Trump's tariff announcements have sent shockwaves worldwide and across global markets.
It was back in October, a month before the presidential election, that Trump said during an interview with Bloomberg, "To me, the most beautiful word in the dictionary is 'tariff,' and it's my favorite word." Now, six months later, President Trump is using his "favorite word" to attempt to reshape the global economy.
The big headline on Wednesday was the announcement that Trump has paused his reciprocal tariffs on most countries for 90 days, but he doubled down on China, citing a "lack of respect," and raised tariffs on Chinese exports to a whopping 125%.
Watch "Eyewitness News Guide to Tariffs" in the media player above.
That is a big deal when you think about everything we get from China: phones, appliances, electronics, clothing and more.
In our half-hour special "Eyewitness News Guide to Tariffs," we'll walk you through when prices are likely to increase and what to buy now. We'll also look at the wild and frightening market swings, and what to expect if you've been lucky enough to have investments in a retirement fund.
How we got here, and what's ahead
We begin with the president's pause and his overall tariff strategy. Was he planning to do this all long, and why?
Eyewitness news reporter Josh Einiger reports live from Washington, D.C. with how we got here and what's ahead.
How Trump's increased tariff on China will impact your wallet
Two of the world's super powers are squaring off, with consumers stuck in the middle. A trade war with China will be costly for both sides. Just consider all the products we get from China, from iPhones to PlayStations to boots.
So, should you buy now, or should you wait? Reporter Dan Krauth has that part of our coverage.
Shoppers grapple with price uncertainty over tariffs
While the focus is on China and that whopping 125% tariff, we can't ignore the fact that the 10% base tariff on other countries remains in place. That means every day items are seeing a price hike, which can be difficult for families.
Eyewitness News reporter Stacey Sager went shopping with Long Islanders and has more on what you can expect to see, and spend at the store.
What to know about your 401K amid economic uncertainty
How often have you checked your 401K in the past week? It can be unsettling to see years of retirement gains vanish as the market churns on the roiling tariff news. How do you steady the ship through uncertain economic times?
Eyewitness News reporter Tanya Rivero spoke to experts for their recommendations.
How to stretch your budget further
Even before President Trump's tariff plans, we were already paying more for the basic essentials. Those who stretched budgets before are now stretching things even further. The good news in all this? We're here, and you don't have to figure this out by yourself.
7 On Your Side's Nina Pineda has some tips.
Concerns within food, fashion industries amid Trump tariffs
Fear and anxiety are being felt among within the Tri-State's food and fashion industries amid President Donald Trump's tariff announcements.
CeFaan Kim has more on the impact on small businesses.
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