Farmers face uncertainty due to tariff threats
The threat of wide-ranging tariffs against America's top trade partners has farmers across the country on edge, as many rely on trade for their operations. On March 4, President Donald Trump imposed 25% tariffs on imports from Canada and Mexico while raising tariffs on goods from China up to 20%. A couple of days later, he delayed tariffs on products compliant with the United States-Mexico-Canada Agreement (USMCA) until April 2. Trump has also threatened further tariffs on a range of products, including dairy. Meanwhile, these countries have implemented or threatened retaliatory tariffs of their own. "I can't lie. I mean, you're a little bit anxious,” Rick Persinger, a corn and soybean farmer, told WRTV Indianapolis. "This is a little bit unprecedented for me, because I've never really seen our country do what it's doing right now." So, how could farmers be impacted by tariffs, and what can Americans do in the face of high food prices?
The threat of wide-ranging tariffs against America's top trade partners has farmers across the country on edge, as many rely on trade for their operations. On March 4, President Donald Trump imposed 25% tariffs on imports from Canada and Mexico while raising tariffs on goods from China up to 20%. A couple of days later, he delayed tariffs on products compliant with the United States-Mexico-Canada Agreement (USMCA) until April 2. Trump has also threatened further tariffs on a range of products, including dairy. Meanwhile, these countries have implemented or threatened retaliatory tariffs of their own. "I can't lie. I mean, you're a little bit anxious,” Rick Persinger, a corn and soybean farmer, told WRTV Indianapolis. "This is a little bit unprecedented for me, because I've never really seen our country do what it's doing right now." So, how could farmers be impacted by tariffs, and what can Americans do in the face of high food prices?
7 NY men charged in $20M fraud scheme
Over 1,800 victims in 45 states. More than 6,000 fraudulent transactions. A staggering $20 million in total losses. These shocking numbers are just the tip of the iceberg in a massive money laundering scheme, with seven men from Long Island, New York now facing charges. Prosecutors allege the suspects tricked victims, many of them elderly, into buying Home Depot and Lowe’s gift cards. The suspects would then allegedly use those gift cards to buy construction supplies to resell at a profit.
Over 1,800 victims in 45 states. More than 6,000 fraudulent transactions. A staggering $20 million in total losses. These shocking numbers are just the tip of the iceberg in a massive money laundering scheme, with seven men from Long Island, New York now facing charges. Prosecutors allege the suspects tricked victims, many of them elderly, into buying Home Depot and Lowe’s gift cards. The suspects would then allegedly use those gift cards to buy construction supplies to resell at a profit.
Most Americans mentally pre-spend their paychecks
It’s not so uncommon for Americans to live paycheck to paycheck — meaning, to not have savings to fall back on between pay periods. But a new survey conducted by Talker Research on behalf of EarnIn found that the average American has already mentally spent more than half of their paycheck before it lands in their bank account. The survey polled 2,000 employed Americans who make less than $75,000 per year and found that the typical American spends about 43% of their paycheck within the first three days after receiving it, in addition to the roughly 51% that’s pre-spent mentally. Overdue bills are a big driver of this trend — this resonated with 38% of respondents. But large bills, like rent or mortgage payments, necessities like food and medication, and smaller utility bills are likely to be among the first expenses paid after receiving a paycheck. Of course, that approach makes sense, since essential bills should be covered first. The problem, though, is that only 20% of Americans don't run out of money or otherwise have to live on a tight budget in the days leading up to their next check. Worse yet, 56% of respondents said that less than 10% of their pay goes into savings. If you’re not saving as much as you should or managing your paychecks as well as you feel you could be, it may be time for some changes. Here are a few to consider.
It’s not so uncommon for Americans to live paycheck to paycheck — meaning, to not have savings to fall back on between pay periods. But a new survey conducted by Talker Research on behalf of EarnIn found that the average American has already mentally spent more than half of their paycheck before it lands in their bank account. The survey polled 2,000 employed Americans who make less than $75,000 per year and found that the typical American spends about 43% of their paycheck within the first three days after receiving it, in addition to the roughly 51% that’s pre-spent mentally. Overdue bills are a big driver of this trend — this resonated with 38% of respondents. But large bills, like rent or mortgage payments, necessities like food and medication, and smaller utility bills are likely to be among the first expenses paid after receiving a paycheck. Of course, that approach makes sense, since essential bills should be covered first. The problem, though, is that only 20% of Americans don't run out of money or otherwise have to live on a tight budget in the days leading up to their next check. Worse yet, 56% of respondents said that less than 10% of their pay goes into savings. If you’re not saving as much as you should or managing your paychecks as well as you feel you could be, it may be time for some changes. Here are a few to consider.
Tariffs hitting Kentucky's bourbon industry hard
Michter's Distillery, a family-owned distillery in Louisville, Kentucky, has already lost $115,000 in canceled shipments to Canada, its largest foreign market. The loss comes as many Canadian liquor stores are removing U.S. products from their shelves. “If we’re not selling to our largest export market, that’s a significant impact to our business, and it’s very sad for us, because we have friends, we’ve built relationships in that country for a long time,” Andrea Wilson, chief operating officer of Michter’s, shared with NBC News. Trump had announced 25% tariffs on imports from Mexico and Canada, but he later postponed those tariffs until April. The President then threatened to double the tariffs on steel and aluminum coming from Canada. Despite the uncertainty about what tariffs are in effect, when they will be implemented and at what rate, U.S. companies and the economy at large are feeling the impact of a burgeoning tariff war.
Michter's Distillery, a family-owned distillery in Louisville, Kentucky, has already lost $115,000 in canceled shipments to Canada, its largest foreign market. The loss comes as many Canadian liquor stores are removing U.S. products from their shelves. “If we’re not selling to our largest export market, that’s a significant impact to our business, and it’s very sad for us, because we have friends, we’ve built relationships in that country for a long time,” Andrea Wilson, chief operating officer of Michter’s, shared with NBC News. Trump had announced 25% tariffs on imports from Mexico and Canada, but he later postponed those tariffs until April. The President then threatened to double the tariffs on steel and aluminum coming from Canada. Despite the uncertainty about what tariffs are in effect, when they will be implemented and at what rate, U.S. companies and the economy at large are feeling the impact of a burgeoning tariff war.
Couple wins fight with Wells Fargo over $40,000
Jose Vasquez says he went online to check his Wells Fargo business account on Jan. 27 when he noticed something suspicious — a pending direct pay transfer for $20,000. He contacted the bank right away. "I said, 'Hey, please stop the transaction. It's still pending. I don't recognize it. I don't authorize this transaction," Jose told Fox 26 Houston in a story published Feb. 13. He says Wells Fargo informed him they wouldn't stop the transaction and instead let it hit the other account before opening an investigation. The following morning, Jose says he noticed another $20,000 transaction he didn't authorize. "The same thing happened last night, you guys got to stop it, another $20,000 in less than 24 hours," he said. Here's what happened to the couple's money, along with some tips for how to protect yourself from a similar fate.
Jose Vasquez says he went online to check his Wells Fargo business account on Jan. 27 when he noticed something suspicious — a pending direct pay transfer for $20,000. He contacted the bank right away. "I said, 'Hey, please stop the transaction. It's still pending. I don't recognize it. I don't authorize this transaction," Jose told Fox 26 Houston in a story published Feb. 13. He says Wells Fargo informed him they wouldn't stop the transaction and instead let it hit the other account before opening an investigation. The following morning, Jose says he noticed another $20,000 transaction he didn't authorize. "The same thing happened last night, you guys got to stop it, another $20,000 in less than 24 hours," he said. Here's what happened to the couple's money, along with some tips for how to protect yourself from a similar fate.
Trump’s tariffs could hit Texas hardest
The Trump Administration has been moving aggressively to impose tariffs on select foreign countries from the earliest days of the presidency. If you aren't yet familiar with the economic tool, tariffs are taxes on imported goods such as raw materials, which businesses pay when they bring items into the country. In practice, most companies ultimately pass on these extra costs to consumers so as to avoid reducing their own profit margins. Unfortunately, tariffs can affect the economy in direct and indirect ways, making the risk of a recession or downturn greater because of the added burden on the economy as a whole. The Trump Administration put 25% tariffs on both Mexico and Canada in March, before pulling back and exempting many goods (though Trump maintains he may impose them in the future). While the administration has slapped tariffs on other countries too, Canada and Mexico remain hardest hit. These and other countries are now responding with their own reciprocal tariffs. While the entire U.S. could be affected by these tariffs from all sides, there's one state in particular that could be disproportionately impacted: Texas.
The Trump Administration has been moving aggressively to impose tariffs on select foreign countries from the earliest days of the presidency. If you aren't yet familiar with the economic tool, tariffs are taxes on imported goods such as raw materials, which businesses pay when they bring items into the country. In practice, most companies ultimately pass on these extra costs to consumers so as to avoid reducing their own profit margins. Unfortunately, tariffs can affect the economy in direct and indirect ways, making the risk of a recession or downturn greater because of the added burden on the economy as a whole. The Trump Administration put 25% tariffs on both Mexico and Canada in March, before pulling back and exempting many goods (though Trump maintains he may impose them in the future). While the administration has slapped tariffs on other countries too, Canada and Mexico remain hardest hit. These and other countries are now responding with their own reciprocal tariffs. While the entire U.S. could be affected by these tariffs from all sides, there's one state in particular that could be disproportionately impacted: Texas.
Major retailer store closures to escalate in 2025
Fast-fashion chain Forever 21 is the latest retailer to file for bankruptcy and announce it's closing stores. “Last year we saw the highest number of closures since the pandemic,” noted Coresight Research CEO Deborah Weinswig in a January note that predicted closures to more than double this year to approximately 15,000. As of mid-Jan, major U.S. retailers had announced 29.6% fewer openings and 334.3% more closures in 2025 when compared to the year-ago period. “Inflation and a growing preference among consumers to shop online to find the cheapest deals took a toll on brick-and-mortar retailers in 2024 … Retailers that were unable to adapt supply chains and implement technology to cut costs were significantly impacted,” said Weinswig. Here are some of the major retailers closing stores, and what it could mean for you as a shopper.
Fast-fashion chain Forever 21 is the latest retailer to file for bankruptcy and announce it's closing stores. “Last year we saw the highest number of closures since the pandemic,” noted Coresight Research CEO Deborah Weinswig in a January note that predicted closures to more than double this year to approximately 15,000. As of mid-Jan, major U.S. retailers had announced 29.6% fewer openings and 334.3% more closures in 2025 when compared to the year-ago period. “Inflation and a growing preference among consumers to shop online to find the cheapest deals took a toll on brick-and-mortar retailers in 2024 … Retailers that were unable to adapt supply chains and implement technology to cut costs were significantly impacted,” said Weinswig. Here are some of the major retailers closing stores, and what it could mean for you as a shopper.
Bessent: American dream isn't about cheap goods
Escalating trade tensions under President Donald Trump have dominated headlines, with critics warning that American consumers will bear the burden of higher prices. But Treasury Secretary Scott Bessent argues that affordability isn't just about cheap imports — it’s about ensuring Americans can build real financial security. “Access to cheap goods is not the essence of the American dream,” Bessent said during a speech at the Economic Club of New York on March 6. “The American Dream is rooted in the concept that any citizen can achieve prosperity, upward mobility, and economic security.” His remarks come at a time when many Americans continue to grapple with high costs of living amid Trump’s threats to impose further tariffs, which experts believe will drive up prices in the short term. Bessent was later pressed on the issue during an appearance on NBC’s Meet the Press. “Are you saying that the Trump administration is comfortable to have consumers pay more for goods in America?” host Kristen Welker asked. “Not at all,” Bessent replied. “What I’m saying is the American dream is not ‘let them eat flat screens.’ If American families aren't able to afford a home, don't believe that their children will do better than they are [doing], the American dream is not contingent on cheap baubles from China, it is more than that. And we are focused on affordability, but it's mortgages, it's cars, it's real wage gains.”
Escalating trade tensions under President Donald Trump have dominated headlines, with critics warning that American consumers will bear the burden of higher prices. But Treasury Secretary Scott Bessent argues that affordability isn't just about cheap imports — it’s about ensuring Americans can build real financial security. “Access to cheap goods is not the essence of the American dream,” Bessent said during a speech at the Economic Club of New York on March 6. “The American Dream is rooted in the concept that any citizen can achieve prosperity, upward mobility, and economic security.” His remarks come at a time when many Americans continue to grapple with high costs of living amid Trump’s threats to impose further tariffs, which experts believe will drive up prices in the short term. Bessent was later pressed on the issue during an appearance on NBC’s Meet the Press. “Are you saying that the Trump administration is comfortable to have consumers pay more for goods in America?” host Kristen Welker asked. “Not at all,” Bessent replied. “What I’m saying is the American dream is not ‘let them eat flat screens.’ If American families aren't able to afford a home, don't believe that their children will do better than they are [doing], the American dream is not contingent on cheap baubles from China, it is more than that. And we are focused on affordability, but it's mortgages, it's cars, it's real wage gains.”
Ron Paul warns of 'threat' to retirement funds
Former U.S. Congressman Ron Paul is stepping back into the spotlight. Earlier this month, Tesla CEO Elon Musk wrote on X, “Would be great to have Ron Paul as part of the Department of Government Efficiency!” Musk, along with former GOP presidential candidate Vivek Ramaswamy, are leading President-elect Donald Trump the new Department of Government Efficiency. Paul, a longtime advocate for smaller government, appears eager to contribute. He recently announced on X, “Elon Musk asked me to advise the new Dept. of Government Efficiency. I’d love to help bring sanity back!” Musk has set ambitious goals for reducing the federal budget with this new entity. Speaking at a Trump campaign event, Musk claimed he could cut “at least $2 trillion” from the federal budget, though he did not specify which areas he would target for these reductions. Paul, who has spent decades championing limited government and fiscal responsibility, seems like a natural fit for the initiative. But the 89-year-old isn’t just focused on this new venture. He’s also sounding the alarm about what he sees as an urgent risk. “However, I still think Americans need to shield their retirement funds ASAP from this much bigger threat,” Paul warned in a post that linked to a letter addressed to his audience.
Former U.S. Congressman Ron Paul is stepping back into the spotlight. Earlier this month, Tesla CEO Elon Musk wrote on X, “Would be great to have Ron Paul as part of the Department of Government Efficiency!” Musk, along with former GOP presidential candidate Vivek Ramaswamy, are leading President-elect Donald Trump the new Department of Government Efficiency. Paul, a longtime advocate for smaller government, appears eager to contribute. He recently announced on X, “Elon Musk asked me to advise the new Dept. of Government Efficiency. I’d love to help bring sanity back!” Musk has set ambitious goals for reducing the federal budget with this new entity. Speaking at a Trump campaign event, Musk claimed he could cut “at least $2 trillion” from the federal budget, though he did not specify which areas he would target for these reductions. Paul, who has spent decades championing limited government and fiscal responsibility, seems like a natural fit for the initiative. But the 89-year-old isn’t just focused on this new venture. He’s also sounding the alarm about what he sees as an urgent risk. “However, I still think Americans need to shield their retirement funds ASAP from this much bigger threat,” Paul warned in a post that linked to a letter addressed to his audience.
Peter Zeihan links boomers to US deficits
Bestselling author and geopolitical strategist Peter Zeihan is warning that the U.S. is locked into massive, multi-trillion-dollar deficits for decades — and it’s all because of one generation: baby boomers. In a recent YouTube video, Zeihan argued boomers built an increasingly generous welfare state during their prime earning years, but now that they’re retiring, the financial burden is shifting to younger generations — especially Generation X, which is significantly smaller in size. “The boomers have created a social welfare state for themselves that they never had any intention of paying for,” Zeihan said. “Fast forward to today, two thirds of them are retired. They're taking their money, they're going home. The taxes that they're paying have dropped off, and we are left with a welfare state to fund their retirement without their income to pay for it all.” The numbers back up Zeihan’s concerns. According to estimates, there are about 70 million baby boomers in the U.S., compared to roughly 65 million Gen Xers. Meanwhile, according to the United States Census Bureau, about 10,000 boomers turn 65 every day, further accelerating the strain on government finances. And according to Zeihan, that spells trouble for the nation’s long-term financial stability. “We're looking at absolutely massive multi-trillion-dollar deficits every single year to be continued,” he said. “Deficits: massive, locked in as long as the boomers live, which is going to be on the average, another 15 to 25 years, based on who's doing the math.” The deficit problem is already serious. In fiscal year 2024, the federal government spent $6.75 trillion while collecting $4.92 trillion in revenue, leading to a $1.83 trillion deficit. The Congressional Budget Office (CBO) projects that the 2025 federal budget deficit will climb to $1.9 trillion.
Bestselling author and geopolitical strategist Peter Zeihan is warning that the U.S. is locked into massive, multi-trillion-dollar deficits for decades — and it’s all because of one generation: baby boomers. In a recent YouTube video, Zeihan argued boomers built an increasingly generous welfare state during their prime earning years, but now that they’re retiring, the financial burden is shifting to younger generations — especially Generation X, which is significantly smaller in size. “The boomers have created a social welfare state for themselves that they never had any intention of paying for,” Zeihan said. “Fast forward to today, two thirds of them are retired. They're taking their money, they're going home. The taxes that they're paying have dropped off, and we are left with a welfare state to fund their retirement without their income to pay for it all.” The numbers back up Zeihan’s concerns. According to estimates, there are about 70 million baby boomers in the U.S., compared to roughly 65 million Gen Xers. Meanwhile, according to the United States Census Bureau, about 10,000 boomers turn 65 every day, further accelerating the strain on government finances. And according to Zeihan, that spells trouble for the nation’s long-term financial stability. “We're looking at absolutely massive multi-trillion-dollar deficits every single year to be continued,” he said. “Deficits: massive, locked in as long as the boomers live, which is going to be on the average, another 15 to 25 years, based on who's doing the math.” The deficit problem is already serious. In fiscal year 2024, the federal government spent $6.75 trillion while collecting $4.92 trillion in revenue, leading to a $1.83 trillion deficit. The Congressional Budget Office (CBO) projects that the 2025 federal budget deficit will climb to $1.9 trillion.
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