Liberation Day Will Cost You
Liberation Day Part II is Here!
Welcome to Liberation Day! A day marking the official start of new, higher tariffs on imported goods, which will significantly impact consumers. While some argue tariffs are beneficial, the reality is they act as a tax on imports, which businesses then pass on to you, the consumer. So, simply put: you will pay more for things.
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For instance, the recent EU “deal” raises average import taxes from under 3% to 15%, meaning you’ll pay 13% more for many products. This is not a “deal” but a direct cost increase to consumers. If it is a deal, it’s the worst deal in history because as the White House continues to push the narrative that we pay too much as it is, well, guess what? Now we are paying more.
Expect prices to rise across the board, from groceries to larger purchases like cars. This means your current income will buy less, and you’ll need to earn more to maintain your current standard of living.
Failed Trade Promises
The promise of “90 deals in 90 days” was an epic failure. There’s only one partial agreement with the EU that effectively increases costs. Ongoing trade tensions, including new tariffs on Brazil and Canada, only make things worse, especially since a tariff was imposed on Brazil because President Trump disagrees with the prosecution of former President Jair Bolsonaro, also known as the “Trump of the Tropics.”
Now, because Canada is supporting Palestine as a state, President Trump has threatened more tariffs.
AI and Job Market Disruption
Artificial intelligence (AI) is already impacting the job market. While some tech jobs are being eliminated, AI is also replacing people, such as with companies like UPS and FedEx, which are projected to cut jobs due to AI-driven automation. You have to take stock of your situation and assess how AI might affect your industry and be prepared for potential changes.
But it’s not just AI, but the effects of the Big Beautiful Bill. The solar industry is facing decimation due to the removal of tax incentives, leading to increased bankruptcies and layoffs. If you’re in this sector, be prepared. The Big Beautiful Bill is also likely to increase your energy bills.
Economists are warning of a potential recession by the end of the third or fourth quarter, or early next year, due to the cumulative effect of tariffs and economic uncertainty.
What You Can Do if a Recession Hits
For one, now is a good time to be fiscally conservative. Now more than ever, hold onto your money and be deliberate about your spending. If you have never been cheap or frugal, start practicing now!
Analyze how tariffs and AI might impact your personal finances and career. Don’t be caught off guard!
Finally, focus on data, not politics. When seeking financial information, consult global financial and economic firms rather than politically biased news sources. These firms have consistently stated that tariffs will negatively impact your wallet!
The bottom line: be prepared for rising costs and potential job market shifts. Make informed decisions based on economic data, not political rhetoric.
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Please note that the information on this site does not constitute legal advice and should be considered for informational purposes only.
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