Consumer Corner

Trump’s opening tariff salvo will hurt US consumers − following through on Canada, Mexico threats will increase the price pain

Published

2 months ago

February 12, 2025

The Conversation

Jason Reed, University of Notre Dame

If U.S. voters reelected Donald Trump hoping for relief from higher prices, his recent threats to impose tariffs on America’s three largest trade partners might make them think again.

On Saturday, Feb. 1, Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China, which he said would take effect on Tuesday, Feb. 4. While markets braced for the news to some degree, they still saw a steep premarket sell-off on Monday, Feb. 3, followed by morning volatility.

While Canada and Mexico negotiated monthlong reprieves on Monday, the new tariffs on China went into effect as expected Tuesday, Feb. 4. And while the ultimate shape of Trump’s tariff policy remains to be seen, the president warned that American consumers could feel “some pain” as a result.

Given my training as an economist and finance professor, I think Trump could be right on that score. In fact, if the tariffs go into effect, they could spell disaster for the Federal Reserve’s inflation reduction efforts.

From grocery stores to homes

U.S. consumers might be surprised to find out that almost every economic sector could be affected by this opening salvo of tariffs, should they go ahead in March. Imports from Mexico and Canada reached close to US$1 trillion in 2024, almost double the amount the U.S. imports from China.

The U.S. is particularly reliant on Mexico for fresh fruits and vegetables, and on Canada for lumber. So if the tariffs go into effect, Americans who have been waiting for home prices to ease may have to continue waiting, as tariffs on lumber and other building materials could worsen the affordable-housing crunch. And let’s not even talk about avocado prices.

Meanwhile, the 10% tariffs on Chinese goods will likely boost the price of electronics, and China has already imposed retaliatory measures. Trump has also proposed 25% tariffs on Taiwan and its semiconductor industry, in an attempt to push Taiwanese companies to invest more in U.S. manufacturing. If that tariff were to go into effect, prices for U.S. consumers would be even higher.

A tax by any other name …

Tariffs are an import tax. They’re passed through the supply chain in the form of higher prices and are eventually paid by consumers. Traditionally, governments have used tariffs as a fiscal tool to encourage businesses and consumers to move away from foreign-made products and support domestic businesses instead.

In theory, new tariffs could encourage foreign businesses to invest in the U.S. and make more stuff on American soil. Unfortunately, domestic manufacturing has seen a systemic decline since the 1980s, resulting in lower prices for consumers but severely limiting U.S.-produced products. In the short term, at least, import taxes on Canadian, Mexican and Chinese products would ultimately be paid by U.S. consumers.

Although this round of tariff threats may seem arbitrary to some, the Trump administration says it considers tariffs deeply intertwined with national security concerns. Stephen Miran, Trump’s pick to chair the president’s Council of Economic Advisers, has laid out a path for Trump’s tariff plan, which he says is aimed at putting American industry on fairer ground against the rest of the world.

In the long term, it’s unclear whether Trump’s threatened trade war will bring domestic manufacturing back to the U.S. and start a new industrial renaissance. In the meantime, American consumers will likely be stuck holding the bag.

Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Lifestyle

Facing Wage Garnishment? Here Are 6 Steps to Regain Control

Published

4 hours ago

March 31, 2025

Rod Washington

If you’ve recently discovered that your paycheck is smaller than expected, it’s possible you’re dealing with wage garnishment—a distressing situation that affects millions of Americans every year. This means a portion of your hard-earned money is being taken before it ever reaches your bank account, making it incredibly challenging to manage your budget, especially during tough financial times.

create a featured image for a blog post about wage 1 — Image created with AI

Understanding how wage garnishment works can help you navigate this rocky terrain. It usually occurs after a creditor has sued you, won a judgment, and obtained a court order to garnish your wages. However, certain exceptions—such as unpaid taxes, child support, and student loans—allow for garnishment without a court order. Regardless of how you found yourself in this situation, it’s important to know that there are steps you can take to mitigate or even stop the garnishment altogether.

If you’re facing wage garnishment, don’t lose hope. Acting quickly can be crucial. Here are six steps to help you address this issue and potentially find relief:

1. Verify the Garnishment Is Legal

It may feel overwhelming to see your paycheck impacted, but the first step is to confirm the legitimacy of the garnishment. Federal law mandates that you must receive a garnishment notice prior to any wage withholding. Carefully review this document to ensure that the debt belongs to you and that the creditor followed all proper legal protocols. Garish mistakes can occur, and verifying each detail can empower you to challenge any discrepancies.

2. Check for Violations of the Fair Debt Collection Practices Act

It’s disheartening, but some debt collectors may engage in questionable practices throughout the garnishment process. If you have not been properly notified or if your wages have been garnished beyond what is legally allowed, this might constitute a violation of the Fair Debt Collection Practices Act (FDCPA). Knowing your rights can be the first step in seeking justice. If you notice any irregularities, document your experiences—this could be crucial in seeking damages or legal fees.

3. Know Your Legal Protections

Understanding your legal protections can provide significant relief. Federal law stipulates that creditors can only garnish a limited portion of your earnings—typically 25% of disposable income or the amount by which your income exceeds 30 times the federal minimum wage, whichever is less. Additionally, certain income sources, like Social Security and disability benefits, are generally exempt from garnishment. Familiarizing yourself with these protections can bolster your confidence as you navigate this process.

4. File an Objection or Exemption Claim

If the garnishment is causing you severe financial hardship, you have the right to file an objection, often referred to as a “claim of exemption.” This usually involves submitting a formal request to the court that issued the garnishment order. It might feel daunting, but many courts are willing to reconsider garnishments that pose a significant burden on your ability to support yourself or your dependents. Advocating for your rights can lead to a modification or even termination of the garnishment.

5. Negotiate Directly with the Creditor

Even after wage garnishment begins, there’s still room to negotiate with the creditor. A direct conversation can sometimes open the door to negotiating a more reasonable payment plan or even settling for a lesser amount of what you owe. Many creditors are willing to work with you rather than endure the complexities of garnishment procedures. Approach this conversation with transparency about your financial situation and be prepared to offer a realistic, sustainable payment option.

6. Consider Bankruptcy as a Last Resort

When all else fails, it might be time to consider bankruptcy. While this option can feel intimidating, it offers a pathway to eliminate debts and stop wage garnishment. However, bankruptcy comes with its own set of complexities and consequences, so it’s essential to seek guidance from a qualified financial advisor or an attorney specializing in bankruptcy law.

Conclusion

Finding out that your wages are being garnished can evoke a whirlwind of stress, uncertainty, and fear. Remember, you’re not alone in facing this issue—millions are battling similar challenges. It’s critical to know that there are legal steps you can take to protect your rights and alleviate the strain of garnishment. By verifying the garnishment, understanding your rights, and taking action, you can work toward regaining control of your financial situation. With determination and the right approach, there is light at the end of the tunnel.

If you want to read more on this topic, check out the story from CBS News that highlights important steps to take when facing wage garnishment. It provides valuable insights and information that can help you navigate this challenging situation. Don’t miss it!

https://www.cbsnews.com/news/what-to-do-debt-collector-garnishing-paycheck/

Welcome to the Consumer Corner section of STM Daily News, your ultimate destination for savvy shopping and informed decision-making! Dive into a treasure trove of insights and reviews covering everything from the hottest toys that spark joy in your little ones to the latest electronic gadgets that simplify your life. Explore our comprehensive guides on stylish home furnishings, discover smart tips for buying a home or enhancing your living space with creative improvement ideas, and get the lowdown on the best cars through our detailed auto reviews. Whether you’re making a major purchase or simply seeking inspiration, the Consumer Corner is here to empower you every step of the way—unlock the keys to becoming a smarter consumer today!

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Author

Rod Washington

Rod: A creative force, blending words, images, and flavors. Blogger, writer, filmmaker, and photographer. Cooking enthusiast with a sci-fi vision. Passionate about his upcoming series and dedicated to TNC Network. Partnered with Rebecca Washington for a shared journey of love and art. View all posts

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home improvement

Pro Tips for Maintaining Your Lawn Mower

Published

3 days ago

March 28, 2025

Daily News Staff

17382 lawn mower maint detail intro image

(Family Features) Most homeowners strive for beautiful yards, but neglecting a key component of lawn maintenance – the lawn mower itself – can lead to issues not only with your lawn but with the machine as well.

A well-maintained mower provides a cleaner cut, which promotes healthier grass growth. Neglecting regular maintenance can result in uneven cuts, scalping and other issues that can damage your lawn. Regular maintenance also ensures your mower operates at peak efficiency, which can extend the lifespan of your mower, saving you money in the long run by preventing costly repairs or the need for a new machine.

To unlock the full potential of your lawn mower, clean it after each use to prevent buildup of grass clippings and debris, and store it in a dry, sheltered place between uses. Additionally, regular maintenance including checking the oil level, inspecting the air filter and ensuring the blades are sharp can prevent larger issues and keep your mower running smoothly.

Change the Oil: Drain the old oil from your mower and refill it with fresh, high-quality engine oil.
Replace the Air Filter: A clogged air filter can reduce your mower’s efficiency. Replace it with a new one to ensure optimal air flow to the engine.
Change the Spark Plug: Remove the old spark plug using a spark plug wrench and replace it with a new one. This ensures reliable ignition and efficient fuel combustion.
Sharpen the Blades: Remove the blades and sharpen them using a file or a sharpening tool. Reattach them securely before mowing.
Clean the Deck: Grass clippings and debris can accumulate under the deck. Clean it thoroughly to prevent rust and ensure smooth operation.
Inspect the Belts and Cables: Check for any signs of wear or damage. Replace any worn or frayed belts and cables to avoid future breakdowns.

Visit eLivingtoday.com to find more advice to keep your lawn and garden equipment in pristine condition.

Photo courtesy of Shutterstock

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SOURCE:
eLivingtoday.com

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News

Coca-Cola Recall Alert: Thousands of Cans Pulled From Shelves in Two States

Published

4 days ago

March 27, 2025

Hal Machina

selective focus photography of red coca-cola can lot on box — Photo by Craig Adderley on Pexels.com

In a significant recall notification, Coca-Cola has announced the withdrawal of over 10,000 cans of its popular beverage due to concerns over foreign object contamination. This announcement was initially made on March 6, and affected cans were sold in the states of Illinois and Wisconsin.

This week, the U.S. Food and Drug Administration (FDA) classified the risk level of this recall as Class 2. This designation indicates that consuming the affected Coca-Cola “may cause temporary or medically reversible adverse health consequences,” although the chances of serious health consequences are deemed to be remote.

Which Coca-Cola Products Were Recalled?

The recall impacts a total of 864 packs of 12 cans of Coca-Cola, amounting to 10,368 cans in total. The specific details of the recalled products are as follows:

Product Description: Coca-Cola Original Taste, 12 Fl Oz
Can UPC: 0 49000-00634 6
12-Can Pack UPC: 0 49000-02890 4
Date Code: SEP2925MDA
Time Stamp: 1100-1253

Which States Are Affected?

The recall specifically concerns Coca-Cola cans distributed in the following states:

Illinois
Wisconsin

Why Were the Coca-Cola Cans Recalled?

The FDA has reported that these Coca-Cola cans were recalled due to contamination with a foreign object, in this case, plastic. Such contaminants can inadvertently enter food and beverage products at various stages during the production process, posing a safety risk if ingested. It is important to note that the FDA report did not indicate any associated injuries related to this specific recall

If you have purchased Coca-Cola cans with the above UPC codes in Illinois or Wisconsin, it is recommended that you refrain from consuming the affected products. Instead, please return them to the store where you purchased them for a full refund or exchange. Staying informed about product recalls is crucial to consumer safety, and it is always advisable to check for the latest updates from the FDA and Coca-Cola regarding product safety issues. For any additional questions, feel free to reach out to Coca-Cola directly or visit the FDA’s website. Stay safe!