Author: Christy Bieber

On March 26, 2025, President Donald Trump announced new tariffs on foreign autos. A fact sheet prepared by the White House said the tariffs would apply to imported passenger cars and light trucks, as well as many auto parts such as engines, transmissions, powertrain parts and electrical components.

The tariffs won’t just apply to cars made by foreign companies, but also vehicles sold by U.S. carmakers but produced overseas. The fact sheet says the tariffs are essential to “protect America’s automobile industry, which is vital to national security and has been undermined by excessive imports threatening America’s domestic industrial base and supply chains.”

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Although Trump announced a 90-day pause on all of his “reciprocal” tariffs on April 9, that doesn’t apply for several sector-specific tariffs Trump introduced, including the 25% tariff on auto parts. And then on April 15, he floated the idea of providing certain companies with more time to bring their manufacturing arms to the U.S., but didn’t offer any specifics.

The Trump administration hopes the tariffs, which are essentially taxes on imported goods, will encourage carmakers to bring production back to the U.S. and increase manufacturing jobs. However, there are some concerns that the added costs could adversely impact both auto manufacturers in Michigan, as well as the U.S. car market as a whole.

How will Michigan auto makers be affected by new tariffs?

According to the Detroit Regional Chamber, Michigan is the “auto capital of the world.” A total of 21% of all U.S. auto production happened in Michigan in 2022, and 98 of the top 100 U.S. carmakers have a presence in the Great Lakes State, while 65% are headquartered there. Around 20% of the Michigan workforce is also employed by the auto industry, which amounts to 1.1 million jobs.

Despite these impressive numbers, this is a marked decline from the role the auto industry used to play in Michigan’s economy CNN reports. There’s been a 35% reduction in jobs in Michigan auto plants since 1990, and the number of auto industry jobs has been cut roughly in half since that time.

Trump is hoping the tariffs could bring some of these jobs back, and there are others who believe he could be on the right track.

Democratic Representative Debbie Dingell, who represents Michigan’s 12th Congressional District, said: “I am somebody that believes tariffs are a tool in the toolbox,” and while she hopes the president’s actions could help restore jobs in her state, she also expressed concern that his administration’s actions may have gone too far, comparing it to a “meat ax.”

The United Auto Workers also called the tariffs a “victory for autoworkers,” and “the beginning of the end of … the free trade disaster,” and released a statement saying: “With these tariffs, thousands of good-paying blue collar auto jobs could be brought back to working-class communities across the United States within a matter of months, simply by adding additional shifts or lines in a number of underutilized auto plants."

However, those opposed to the tariffs argue that it takes time to build factories and change supply chains, so new jobs won’t be created right away. Instead, they say the immediate effect will be lost jobs. They may have a point, as around 900 workers of a Michigan auto parts factory that exports to Canadian and Mexican plants have already been laid off.

Additional layoffs could follow as a result of higher costs of importing parts that go into Michigan-made cars, as well as because of reciprocal tariffs other countries may put on U.S.-made autos and auto parts in response to the president’s new tariffs.

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“The increased costs would cause significant disruption throughout the supply chain and, perhaps most importantly, lead to significant price increases to the cost to American consumers for vehicles,” according to a letter from Detroit Regional Chamber and MichAuto, an automotive and mobility association shared by Reuters.

How will the car market as a whole be impacted?

It’s not just autoworkers in Michigan who are likely to be impacted by the president’s actions.

Around half of all vehicles purchased in the U.S. in 2024 were imported, and even many cars made in America had only 40% to 50% domestically-made parts. As a result, just 25% of all cars sold in the U.S. can actually be considered to be “made in America,” according to the White House.

Unfortunately, imposing a 25% tariff on cars and car parts could make all the rest of those cars much more expensive. In fact, Dan Ives, of Wedbush Securities, a Wall Street firm, shared he estimates that the average price of cars is expected to increase between $5,000 and $15,000. As new car prices surge, this will increase demand for used cars, driving up prices for these vehicles as well.

For those who may need a car in the coming months or years but aren’t ready to pull the trigger yet, it’ll be important to find other ways to keep costs down, including downgrading and buying a cheaper vehicle than you might have hoped, sticking to used cars, and arming yourself with the information you need to negotiate effectively on price — such as the latest blue book valuations of vehicles you’re considering.

Unfortunately, with car prices climbing, there may also be more pressure to take out larger auto loans and auto loans with longer terms. Resist this temptation if you can, as auto loan balances have already hit record highs — as have defaults — and borrowing too much for a car could harm your other financial goals.

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“Do or do not, there is no try,” were the wise words of Yoda — and in 2018, Mike O’Dell took them to heart.

He drew a Star Wars stormtrooper on a large sheet of graph paper, cut the pattern into sections, sewed the fabric onto the paper and began quilting over the design using a process called foundation paper piecing.

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As a new quilter, he found the process easy. That success sparked an idea: license images and create quilting kits to sell online. The idea blasted off. Last year, he sold $1.25 million worth of his kits — branded Legit Kits — on Shopify, and earned another $150,000 selling quilts through the now-bankrupt Joann Fabrics.

While O’Dell’s side hustle has been more successful than most, his story still offers inspiration — and practical advice — for others looking to launch their own ventures.

Rebellions are built on hope

O’Dell told CNBC Make It that he devotes one day a week to his side hustle while working four days a week as a nurse anesthetist. His full-time job pays him $240,000, so he’s not planning to give it up anytime soon.

"It’s kind of hard to beat an anesthesia salary," he said. "I’ve got three kids, and I want my kids to go to college."

Balancing both jobs has been challenging. O’Dell admits to losing sleep and feeling stressed. But his creative work helps him cope with the more intense pressure of his hospital job.

"The burnout that I feel at the hospital fuels my energy to do the other thing for myself," he said. "It turns the volume down when everybody’s mad at work. I hear it, but I’m like, ‘I’m not going to manage my people that way.’"

Despite Legit Kits bringing in over $1 million last year, O’Dell says the business isn’t profitable enough for him to quit his day job just yet.

"You don’t really get to keep most of the money that your business makes," he explained. "It goes right back into it. When we were consistently breaking $100,000 a month in sales, I was like, ‘Yeah, this is it. But then you’re spending $100,000 a month, too.’ "

This year, he plans to pay himself just $50K from his business, although he hopes that the number will grow as he increases marketing efforts, hires for custom work and tries to expand into more retail stores.

While it may not yet match his hospital salary, O’Dell values the flexibility and reduced stress that Legit Kits could eventually offer if it continues to grow.

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The Force will be with you, always

O’Dell believes there are many opportunities to start a successful side business — it’s just a matter of finding one that fits your skills and passions.

One of the easiest ways to start is to use platforms designed for part-time work. Apps like Uber, Lyft, Thumbtack, and Rover make it simple to earn cash by offering services such as ridesharing, handyman tasks and pet sitting.

However, these platforms often cap your earning potential. If your goal is to turn your side hustle into a substantial business, you may need to offer more specialized skill, — such as freelance writing, tutoring or engineering — or identify a specific market need and build a business to address it.

Think about what your strengths and interests are. What gaps are there in the market that you might be able to fill? You might sell products on Shopify or Etsy, or create your own website and use social media to attract customers.

As O’Dell advises, it’s important to set clear goals so you know what you’re working toward.

You’ll also need to manage your time carefully to avoid burnout. Most people find that 10 to 20 hours a week is manageable alongside a full-time job. And, like O’Dell, you should be prepared to reinvest your profits if you want to grow your business.

If you’re serious about success, research the market and craft a business plan that outlines your path to profitability. That way, your million-dollar idea stands a better chance of actually earning a million someday.

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Do you know how your landlord sets the rent? In many parts of the country, it may be done using algorithms.

These third-party-run algorithms use proprietary and public data and may allow landlords to indirectly collude to charge higher rents.

"What these companies are doing is they’re replacing what used to be a smoke-filled back room with a computer algorithm,” Rep. Javier Mabrey of Colorado told ABC Denver 7 News in March.

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These algorithms have cost renters a lot of money, with a report released under the Biden administration estimating them to have cost U.S. renters $3.8 billion in 2023, with Denver renters in particular having paid, on average, $136 more per month.

Now, lawmakers in Colorado, including Rep. Mabrey, are trying to ban them in House Bill 25-1004. The bill cleared the state Senate on April 29, with its fate now in the hands of Gov. Jared Polis.

So, what would the bill do? And, how would the ban affect renters and landlords? Here’s what you need to know.

How do rent-setting algorithms work?

This predictive software uses extensive market data to offer landlords profit-maximizing recommendations about rental terms, including pricing. A system, the American Economic Liberties Project says, can allow landlords to “limit supply and drive up rents without explicitly sharing data … exploiting a loophole in laws that prohibit price-fixing.”

But states have begun to take notice, and Colorado joined a lawsuit with seven other states and the Department of Justice against RealPage, a commercial revenue management software provider based in Texas. According to Economic Liberties, RealPage’s clients comprise around 90% of investment-grade multifamily rental housing units in the U.S.

The lawsuit, even if successful, may not be enough to fully protect consumers from all rent-setting algorithms, say some Colorado lawmakers. That’s why they are trying to ban such software altogether.

"We need to stand up and say, ‘Enough is enough,’” Rep. Mabrey told Denver 7. “We’re not going to wait for the courts, and this is illegal in the state of Colorado.”

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What would a ban on rent-setting algorithms mean for landlords and renters?

The proposed bill would prohibit algorithmic devices if they are intended “to set or recommend the amount of rent, level of occupancy, or other commercial term associated with the occupancy of a residential premises” by two or more landlords in the same or related markets. It would also ban algorithmic devices that recommend any of these terms “based on data or analysis that’s similar for each landlord.”

Violations of the law would be considered “an illegal restraint of trade or commerce” and would be punishable under Colorado’s antitrust laws.

The Colorado House of Representatives has approved the bill already, and it now heads to the state Senate. If it becomes law, unlike a similar bill that failed in 2024, Colorado would be a pioneer in passing this legislation — although other states have tried.

Proposed bills prohibiting these algorithms also stalled in Illinois, New York and Rhode Island in 2024, while a similar bill did pass the Washington Senate and is now awaiting a House vote.

Four cities have successfully instituted bans, including Minneapolis, most recently, as well as San Francisco, Philadelphia and Berkeley.

Not everyone is in favor of these new laws, though.

“I just don’t think we need more regulation, more legislation in this space where any time the government interferes, we distort the market, and the results are going to be unexpected," Rep. Chris Richardson told Denver 7 in March.

Richardson said many landlords are small business owners or elderly homeowners who could be hurt by the new rules. Meanwhile, the Colorado Apartment Association told Denver 7 that the algorithms are a “critical tool” for assessing the market.

It remains to be seen which argument will win out — and how rent prices will be affected in cities and states where bans pass.

However, with housing costs already inflated in the post-pandemic era, renters would most likely appreciate any efforts to try to bring prices in check, especially if they are being artificially increased by modern methods of price collusion.

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DoorDash is best known as an app that allows people to order food for delivery. That’s why it may come as a surprise that it’s partnered with a service called Klarna that allows customers to finance purchases.

It may seem odd to finance — or pay over time — for takeout food, but the company’s head of money products recently explained why DoorDash made this choice.

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"As we expand DoorDash’s offerings — from groceries and beauty to electronics and gifts — flexible payment options are essential to meeting our customers’ needs,” Anand Subbarayan, the company’s head of money products, explained in an announcement about the new partnership.

Regardless of the reasoning, however, there are many experts who are concerned that this "eat now, pay later" arrangement will only add to America’s debt binge and lead people into financial trouble that makes it harder for them to make ends meet.

Understanding the new payment options on DoorDash

Under the new partnership with Klarna, DoorDash users will have three choices when they pay for their purchases. They can:

• Pay in full at the time of the order.
• Pay in four, breaking up the payment into four equal installments that are interest-free.
• Pay later, which allows customers to defer payments until a specific time, such as the day that they get paid.

"This partnership empowers customers with maximum choice and control over how they pay – from groceries and the season’s big-ticket electronics to home improvement supplies, beauty and even their DashPass Annual Plan membership," the DoorDash announcement said.

Both the pay in four and pay later options are considered buy now, pay later (BNPL) products. On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued new rules confirming that BNPL lenders should be treated like credit cards and consumers must be extended the same protections card issuers provide, including the right to dispute charges and to demand a refund after returning products purchased using BNPL.

Unfortunately, even with these protections in place, BNPL increases the risks of financial problems for consumers. Research published in Harvard’s Journal of Marketing shows that consumers who used BNPL were likely to spend more, with the likelihood of completing a transaction increasing from 17% to 26%. Basket sizes for BNPL orders were also 10% larger on average, and the increase in spending that resulted persisted for six months.

Financially constrained shoppers who often rely on credit were the most vulnerable to these spending increases, increasing their basket size by 14%.

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Experts are concerned about BNPL for DoorDash

The addition of Klarna as a payment method did not go unnoticed, with experts having a lot to say about the idea of borrowing money for takeout food.

“Eat now, pay later is an awful trap,” Douglas Boneparth, president of Bone Fide Wealth, said on X. “If you need to borrow to have a burrito delivered to you, you are the product. Nothing more. These companies aren’t helping people. In fact, they are taking advantage of them.”

There’s also concern that offering this easy access to credit could worsen the debt binge already going on in the United States. Debt binge is an over-reliance on credit of all types. As data from the Federal Reserve in February showed:

• Credit card balances were up $45 billion and hit $1.21 trillion by the end of December 2024.
• Auto loan balances increased $11 billion to $1.66 trillion.
• Mortgage balances increased by $11 billion to $12.61 trillion.
• HELOC balances increased by $9 billion to $396 billion.
• Retail credit cards and other consumer loans grew by $8 billion.
• Student loans grew by $9 billion and hit $1.62 trillion.

Continued borrowing at these levels may be unsustainable, and now consumers could add DoorDash debt to this list.

Unfortunately, researchers from the CFPB found that once people begin to rely on BNPL services, they do so again and again. In fact, the CFPB showed 63% of borrowers originated multiple simultaneous BNPL loans at the same time at some point during 2022.

So, while it may be tempting to pay for a food purchase in installments or defer payments until payday — especially if you feel like you need a treat and don’t have much cash to your name — you likely want to avoid this option.

Instead, you should stick to a budget that includes a set amount of spending for things like DoorDash so you can splurge guilt-free without borrowing while also saving for the future. If you can’t afford an unnecessary purchase like DoorDash, just consider saying no to it and cooking at home.

Deleting apps that make overspending easy may be the next move. Getting back to classic home cooking can make a big difference in your total expenditures — even if you aren’t financing your deliveries.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

St. Louis’ Blake and Sarah Anyan’s story begins as a fairy tale. The high-school sweethearts were expecting their first baby.

The couple chose Mercy Hospital — dubbed ‘The Baby Palace on Ballas’ — for prenatal care, labor and delivery. They chose the hospital not only because it is known for its obstetrics care, but because Sarah was employed there as a cardiac nurse and Blake worked there as a respiratory therapist.

Sarah’s pregnancy was a typical one, with her active baby kicking her often on her nursing shifts. When she went into labor, she headed to the hospital to welcome her baby boy Remi. That’s where everything went wrong.

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What happened next would change the couple’s lives forever and lead to a record-setting $48.1 million verdict against the hospital for its failures.

Baby suffered severe harm in labor, delivery

Sarah was given an epidural at 10:42 p.m. At 3:50 a.m., she began pushing. Pushing for more than three hours is dangerous. She pushed for 12 hours.

The couple, who trusted their health team, weren’t offered a C-section or told of the risks of prolonged pushing.

“Speaking as a nurse, I was really, really disappointed that they didn’t share that with me," Sarah told News Alert 4 in St. Louis.

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Another thing the health team didn’t reveal? That their baby boy Remi was in distress during the prolonged labor.

To their shock, when Remi was delivered, he was floppy, didn’t cry, had poor tone and began having seizures.

“We were pretty much blindsided,” Sarah said.

Sadly, their son suffered severe and permanent harm. Now 5 years old, Remi has full cognition but can’t walk or communicate. He has cerebral palsy.

“It’s just a major travesty,” Blake said. “It hurts us as parents, but it also hurts us as care providers. That’s so far away from what we’ve been taught to do, and what I teach my students to do. It’s just heartbreaking.”

The Anyans filed a malpractice lawsuit against Mercy Hospital, its nurses and their obstetrician Dr. Daniel McNeive for medical negligence.

Medical malpractice laws hold providers accountable if the care they provide falls below a professional standard. Birth injuries are a top reason for malpractice claims.

Expert witnesses said expecting a mother in labor to push for 12 hours was inexcusable, adding that the hospital failed to respond properly after Remi was born. One possible intervention — therapeutic hypothermia — could have reduced his injuries by up to 30%.

The couple won their malpractice suit. The jury awarded them $48.1 million in the verdict, of which $20 million was for punitive damages.

"So grateful that they took what happened seriously and didn’t give up faith in Remi, and that they would try and help him move forward," Blake said.

Mercy is appealing the ruling. In a statement, they wrote:

"We stand by the care provided by our team … No evidence was ever introduced suggesting dangerous patterns or practices of behavior by Mercy or Dr. McNeive, nor did the jury make this finding. The case remains pending with the court, and Mercy will continue to seek appropriate resolution for the benefit of the Anyan family.”

What can malpractice victims do?

The Anyans aren’t the only ones harmed by a medical error. A Johns Hopkins study found that medical errors are the third-leading cause of death in the U.S.

Top reasons for malpractice suits include:

• failure to diagnose/delayed diagnosis
• radiology errors, such as misreading X-rays
• failure to obtain informed consent
• surgical errors, such as operating on the wrong body part or leaving instruments inside patients
• anesthesia errors
• medication errors

Victims of malpractice must demonstrate they were damaged by medical negligence and deserve compensation for losses. If successful, they are owed payment for medical bills, lost wages, pain and suffering and emotional distress.

However, many states cap non-economic damages (for pain and distress) at $500,000 or less.

If you or someone you love has experienced medical negligence, it’s important to take legal action quickly. There are time limits for pursuing a claim — usually within one to four years of discovering your injuries — so don’t wait.

If legal costs concern you, you can work with a personal injury lawyer on a contingency-fee basis. Such lawyers offer free case evaluations and don’t charge legal fees upfront. They subtract legal fees from any compensation they recover on your behalf.

To support your case, gather and maintain all the documentation you can — medical records, names of your care team, and records of any followup care you have received as a result of your injuries.

The Anyans took action not only to advocate for themselves, but to inspire others — as Sarah tells her son Remi.

“You’ve got two choices in life. You can be angry and bitter and hang on to that anger your whole life. Or you can choose to inspire people," Sarah said. "And I tell him that all the time — he’s going to inspire people."

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Trouble is brewing on the travel horizon. Once seen as a golden ticket to free flights and VIP perks, airline loyalty programs are leaving frequent flyers grounded.

Most airlines offer loyalty programs to encourage people to stick with the same carrier for most of their trips. These loyalty programs allow flyers to earn miles that can be redeemed to buy free flights. Traditionally, they’ve also offered perks like first-class upgrades, early boarding or line-skipping privileges and access to airline lounges.

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However, these programs have changed — and not for the better. Consumers are bearing the brunt of these changes.

So what’s shifting, and why are regulators paying attention? Here are some tips on how you can make the most of the existing programs and keep travel affordable, even if they don’t provide the benefits they once did.

Airline loyalty programs are losing value

A recent report from IdeaWorksCompany highlights just how much airline loyalty programs have declined. According to the report, the average cost of award seats on six major airlines has risen 36% since 2019, making miles worth far less. Airline mergers have also contributed to lost or devalued miles.

Earning miles has become less advantageous, too. Many airlines now base rewards and seat upgrades on total spending rather than miles flown — including purchases made with co-branded credit cards. In some cases, airlines have restricted benefits like lounge access and expedited service lines to only their biggest spenders.

These changes have been so dramatic that they caught the attention of the U.S. Department of Transportation (DOT) under the previous Biden administration. Then-Secretary of Transportation Secretary Pete Buttigieg sent a letter to American Airlines, Delta, United and Southwest requesting detailed reports about their loyalty programs.

The DOT stated that it "launched an inquiry into the four largest U.S. airlines’ rewards programs that is aimed at protecting rewards customers from potential unfair, deceptive, or anticompetitive practices," adding that the "DOT’s probe is focused on the ways consumers participating in airline rewards programs are impacted by the devaluation of earned rewards, hidden or dynamic pricing, extra fees, and reduced competition and choice."

One concern raised by the DOT is that travelers who have spent years saving up miles for a dream trip may now find those miles have lost significant value.

However, it’s worth noting that this inquiry began under the Biden administration. With the transition to the Trump administration, there’s skepticism about whether those protections will remain. Some worry that recent rules requiring transparency around fees and timely refunds for cancellations or major flight changes may be rolled back.

As Frommer‘s pointed out, the new Secretary of Transportation, Sean Duffy, is a former airline lobbyist. A major airline lobbying group even said it was "thrilled" with his nomination. As a result, there’s concern that the probe into loyalty programs may stall or be abandoned entirely.

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How to make the most of your loyalty program

If you’re enrolled in a loyalty program and you want to make the most of it, here are a few smart strategies:

• Evaluate co-branded credit cards: These cards can offer extra loyalty points on everyday spending, but make sure the benefits outweigh the annual fee and any restrictions.
• Read the fine print: Know the terms and conditions of your loyalty program so you understand what you’re entitled to — and what’s changed.
• Use your miles sooner rather than later: Programs can change quickly, so if you have enough points for a trip, consider redeeming them before their value drops.
• Learn how to transfer points: Some loyalty programs allow you to transfer or pool miles with partners. This flexibility can help you access more flight options and redeem rewards faster.

These tips can help you get more value from airline loyalty programs — even if they’re not as generous as they once were. And if you find that airline-specific rewards aren’t meeting your needs, consider exploring general travel credit cards. Many offer bonus rewards and discounts on travel purchases, without being tied to a single airline.

If you’re a frequent traveler, it’s worth taking the time to research your options so you can continue earning rewards, save money and visit more places.

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President Donald Trump says his tariffs on imported goods are encouraging companies to invest in the U.S., claiming that will lead to "better-paying American jobs making beautiful American-made cars, appliances, and other goods."

But critics say it could take years for American workers to develop the 21st-century manufacturing skills that overseas workers have already mastered.

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"In the U.S. you could have a meeting of tooling engineers, and I’m not sure we could fill a room.” Apple CEO Tim Cook says. “In China, you could fill multiple football fields."

In the meantime, critics warn, consumer products will continue to be manufactured overseas, and Trump’s tariffs will drive prices of those imports higher.

What made-in-the-U.S.A. goods could cost companies, consumers

There’s a reason companies moved production offshore in the first place: It’s cheaper thanks to lower labor costs. As a result, American consumers have long benefited from lower prices.

George Carrillo, CEO of the Hispanic Construction Council, says garments and furniture made overseas are generally 20% to 50% cheaper than U.S.-made goods. But for some products, like consumer technology items, the differential is even bigger.

Apple, which makes 80% of its products in China, is a good example.

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Bank of America Securities analyst Wamsi Mohan told CNBC that if iPhones were made in the U.S., they’d cost $1,500 instead of $1,199 due to labor costs.

Dan Ives specializes in technology as a senior equity research analyst at Wedbush Securities. He says American-made iPhones would cost significantly more — $3,500 — because Apple would not only have to pay U.S. wages, but spend $30 billion to move 10% of its supply chain back onshore.

If higher-paid American workers assembled the Apple Watch in the U.S., Apple would still need to import parts from Japan, South Korea, China and Europe. Those imported parts would be subject to Trump’s tariffs, driving manufacturing costs and consumer prices higher.

With Americans already struggling with inflation and a related surge in consumer debt, these added costs may be unsustainable.

Is it realistic for manufacturing to come back?

Offshoring began in the post-war 1950s and 1960s as more countries built factories to encourage foreign investment.

American firms were eager to move jobs offshore to enjoy up to a 50% reduction in labor costs, The IT revolution in the 1990s accelerated the trend. Between 2000 and 2010, the U.S. lost a third of its manufacturing jobs.

In the meantime, AI and robotics have revolutionized manufacturing.

Adam Balogh trains students at one of the few machine technology centers that exists in the U.S. — at Laney College, a community college in Oakland, California.

"Our big limiter here is the workforce,” he told ABC7 News. “We just haven’t been training people for these roles.”

He believes that to revive the U.S. manufacturing sector, more American students would have to learn robotics in middle school and high school, before even reaching community college.

Even if the U.S. workforce was ready, firms need to build new factories in the U.S.

In an article for Barron’s, Erin McLaughlin, a senior economist at The Conference Board, noted that it could take anywhere from three to 10 years to shift an assembly plant to the U.S.

"It would take decades to onshore at the scale that we need to keep up with American consumer habits," Lance Hastings of the California Manufacturers and Technology Association told ABC.

In other words, Trump’s tariffs will hit American pocketbooks before they change the U.S. manufacturing landscape.

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Making six figures should feel like financial freedom — but for one 26-year-old posting to Reddit, it’s a source of stress as fears of a looming recession weigh heavily on her.

Despite earning a $100K salary, having just $2,500 in monthly expenses, fully paid-off student loans, $7,500 in savings and $40,000 in a 401(k), this Gen Zer, or Zoomer, is still concerned about how a downturn could impact her finances — and how she can stay stable if the economy takes a turn for the worse.

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She’s not alone. An Ipsos poll released on April 2 revealed that 61% of Americans believe the U.S. will experience a recession within the next year.

There are many reasons why so many people fear an economic downturn — and why this young person is panicking about the potential fallout. The good news is that there are ways Zoomers and other young adults can prepare for a potential recession and protect their long-term financial health.

Why are so many people worried about a recession

One of the main drivers of today’s recession fears is President Trump’s tariff policy — especially the introduction of taxes on goods imported into the United States.

Tariffs have become such a major concern that financial firm J.P. Morgan initially estimated the probability of a recession at 40% in late March. However, after Trump announced widespread tariffs would go into effect on dozens of countries — and after several of those countries, including China, began to retaliate — J.P. Morgan raised its estimate to 60%.

The stock market responded by plunging, spooked by fears of rising costs and a potential trade war. This volatility led JP Morgan and others to warn of broader consequences, not just for the U.S. economy but also for global markets.

Beyond tariffs, Americans are also concerned about a recession due to ongoing economic uncertainty. The Trump administration has promoted itself as a change administration, pushing for massive cuts to the federal workforce — changes that could have ripple effects across the broader economy.

Even though the President announced a 90-day pause on tariffs, save for China, recession concerns continue. The back-and-forth over trade policy has only added more uncertainty, making it difficult for consumers and businesses to plan for the future.

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How to prepare for a recession as a young person

The U.S. has been through many recessions in the past, but most young adults haven’t lived through a major one.

While the economy briefly entered a recession from February to April of 2020, that was a unique situation driven by the COVID-19 pandemic. Government stimulus packages helped soften the financial blow for many Americans.

Before COVID, the last major downturn was the Great Recession, which lasted from December 2007 to June 2009. That 18-month crisis was triggered by a collapse in U.S. housing prices, a surge in foreclosures and a global financial meltdown driven by poorly underwritten mortgages packaged into risky mortgage-backed securities.

As a result, many Zoomers haven’t lived through a serious recession as adults. While their concern is understandable, there are several proactive steps young adults can take to shore up their finances including:

• Build an emergency fund with six to 12 months of living expenses — more than the customary three to six months — to create a stronger buffer.
• Make yourself indispensable at work by improving your performance, taking on new responsibilities and showing your value to your employer.
• Build your professional network and develop new skills in case you need to look for new opportunities.
• Explore passive income or side hustles to bring in more income and protect yourself against job loss.
• Creating a bare-bones budget you can live on if necessary, cutting non-essentials to stretch your savings.
• Free up cash to for investing during a downturn. Recessions often lead to lower stock prices, allowing long-term investors to buy the dip.
• Hold your investments for the long term. Avoid panic-selling during a downtown; staying the course gives you the best chance to benefit from the eventual recovery.

By taking these steps, you can increase your chances of not only weathering a recession but coming out strong on the other side. With careful planning and strategic investing, downturns can become opportunities to grow your wealth and build long-term financial security.

What to read next

• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• There’s a 60% chance of a recession hitting the American economy this year — protect your retirement savings with these essential money moves ASAP (most of which you can complete in just minutes)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.