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By Taryn Phaneuf, NerdWallet

As “day 1” of the new Trump administration approaches, one of its highest policy priorities could have a profound impact on consumers’ wallets.

Based on what’s known so far about President-Elect Donald Trump’s plan to raise tariffs on all imported goods, it’s likely U.S. shoppers would see prices rise for a wide range of items, including:

• Everyday essentials like food, gas and clothing.
• Luxuries like consumer electronics, jewelry and cosmetics.
• Major purchases like new cars and homes.
• Goods made by U.S. manufacturers using imported raw materials and equipment.

That’s because tariffs are paid by the domestic companies importing foreign goods and materials, and those companies tend to raise consumer prices to cover higher import costs. After Trump’s victory, U.S. companies selling a range of products confirmed that if his tariff plans are enacted, they’ll raise their prices.

Throughout Trump’s campaign, economists tried to quantify the impact his proposals could have on American consumers. Multiple studies projected that U.S. households would see their costs rise by thousands of dollars per year. If the expected price hikes reignite inflation, experts warn the economic fallout could go beyond higher prices to rattle the entire U.S. economy. read more

DEAR TRAVEL TROUBLESHOOTER: I have a reservation with a hotel in Cancun, Mexico, through Booking.com. It is during the high season, and I was concerned that the hotel might be full and that my reservation would not be honored.

So, I reached out to Booking.com and the hotel. The hotel hasn’t responded to my messages, emails or phone calls. I contacted Booking.com, and it promised to attempt further contact by email and phone but carefully avoided mentioning a proposed action if the hotel fails to respond.

Booking.com has insisted that the booking is valid, but that I must wait until my arrival at the hotel to discover if my reservation will be honored. If the hotel doesn’t honor the reservation, Booking.com suggests that I call it for help.

I’m concerned that if I have to call Booking.com, it will be an expensive international call. If another hotel is available during the peak season, there will certainly be significant additional costs. If there are no vacancies, am I to sleep in the street? read more

By MARC LEVY, Associated Press

HARRISBURG, Pa. (AP) — The bitcoin-friendly administration of President-elect Donald Trump and an expanding lobbying effort in statehouses could push states to become more open to crypto and lead public pension funds and treasuries to buy into it.

Proponents of the uniquely volatile commodity argue it is a valuable hedge against inflation, similar to gold.

Many bitcoin enthusiasts and investors are quick to say government-backed currencies are prone to devaluation and increased government buy-ins will stabilize future price swings, giving them more legitimacy and boosting already rising prices.

But the risks are significant. Critics say crypto investments are highly speculative, with so much unknown about projecting future returns. They warn that investors should be prepared to lose money.

Only a couple of public pension funds have invested in cryptocurrency. A U.S. Government Accountability Office study on 401(k) plan investments in crypto, issued late last year, warned it has “uniquely high volatility.” It found no standard approach for projecting the future returns of crypto. read more