The Trump administration’s newly proposed tariffs on crude oil, steel, computer chips, semiconductors, and pharmaceuticals are expected to drive up consumer costs, fuel inflation concerns, and destabilize key industries. As prices rise, consumer sentiment is already declining, unemployment is increasing, and American households—still recovering from the financial strain of the pandemic—are feeling the impact.
Samuel Molina, AFC®, CEO and founder of The Academy of Financial Education, issued the following statement:
“The United States of America is not a business—we are a country that must generate revenue and control spending while maintaining essential federal programs. These policies may reduce the spending power of American families at a time when financial stability is crucial. Americans can ill-afford continued rising prices; the President and Congress should be focusing on policies that help Americans keep money in their pockets, encourage job growth, entrepreneurship, education, and vocational training.
Economic analysts warn that the potential effects of these tariffs could significantly impact both household budgets and broader market stability. Molina emphasized the long-term risks:
“The potential effects of new tariffs and increased costs threaten to undermine recent financial progress. These added financial pressures could erase that progress, making it even harder for families to get ahead.”
According to Mike Skordeles, Head of U.S. Economics at Truist, a 10% tariff on crude oil could lead to a 16-cent increase per gallon of gas, which, as stated in a recent USA Today article, would ultimately raise costs across industries that depend on fuel for transportation.
The Academy of Financial Education remains committed to helping Americans navigate these economic challenges through financial education, advocacy, and resources that promote economic resilience. Molina emphasized the importance of preparation and informed decision-making:
“Through workshops, financial planning tools, and community engagement, we aim to equip individuals with the knowledge they need to safeguard their financial well-being in uncertain economic times.”
We urge policymakers to consider the long-term economic impact of these tariffs and to support policies that foster financial stability, job growth, and economic opportunity for all Americans.
All of the negative outcome was projected during Trumps first term wiyh regard to tariffs and it didn’t materialize. I will expect the same outcome because reciprocal tariffs can be lifted if our trading partner lifts tariffs on us. Reciprocal tariffs means we aren’t going to have an unfair trade advantage anymore. How is having trade deficits with every country we trade with is to our advantage? It doesn’t help American industry and consumer.
Don’t blame me I voted for Harris. And, I supported the prosecutor not the 34 convicted felon..who, lied about election fraud and it caused the injury of over 100 cops and the death of some. Nobody wins a tarrifs war.. especially when there on 1 day and off the next and on the next. Farmers are hurting because of the USA aid cuts, veterans are losing there jobs, national park workers. People voted for Trump because they wanted him to cut prices not make things worse. Yes there needs to cuts in government spending but In a very careful way and by congress not a billionaire who wasn’t elected and has business before the government.
DW stands for Dim Wit.
The media isn’t reporting it but trillions of dollars are being invested by companies to open manufacturing plants in the United States. The legacy media is corrupt and won’t share anything positive that occurs during this administration but the leftwing media is increasingly irrelevant because the media hides the truth. The truth is is that companies are relocated here to avoid paying tariffs and China canceled plans to build auto plants in Mexico because Trump threatened to impose high tariffs.
This was supposed to have already happened during the first Trump presidency. Truth is Dim Wit that it is Trump who lies and hides the truth and uses the media to repeat his lies to hide the truth from the American people. You Dim Wit believe in him. You can’t see what he is….. and what he is not.