Good morning and happy Friday! This is Betty Lin-Fisher in the consumer-centric Daily Money edition on Friday.
The major trade loopholes are now over today, which may mean high prices for low-cost goods from other countries.
You may have heard of the “De Minimis Trade Agreement.” This was an exemption of under $800, which was applied to items shipped to the US. President Donald Trump signed an executive order in late July, effectively ending the rules and fully ending the tax-free program.
Today’s deadline is months after the loophole was closed on May 2nd, especially due to imports from China and Hong Kong.
Consumers are enduring prices rise, with 30 countries halting parcel services to the US
Will the Fed cut help the US economy?
Earlier this week, President Trump fired federal government governor Lisa Cook, paving the way for appointees to make up most of the federal government’s seven-man governors committee. The move is seen as the latest in the president’s efforts to restructure the central bank’s composition as central banks continue to push for aggressive interest rate cuts.
Cook is trying to remove her in court.
Trump says the Fed cuts will make the US solid economy even better. Is he right?
📰Consumer stories should not be overlooked
🍔Today’s Menu🍔
Dunkin has a new drink that is making headlines. The coffee giant has launched Kahlua and coffee liqueur.
About daily money
Every day, Daily Money will provide you with the best consumer and financial news from USA Today, breaking complex events, providing you with the TLDR version, and explaining how everything from the Fed rate to bankruptcy will affect you.
