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Month: August 2025

What consumers can expect from import taxes as the US sets new tariff rates

What consumers can expect from import taxes as the US sets new tariff rates

By DEE-ANN DURBIN and ANNE D’INNOCENZIO, AP Business Writers

It’s been almost 100 years since the U.S. had tariffs at the level they could reach next Friday.

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Once President Donald Trump’s planned tariffs take effect, Americans will see an average tax of 18.3% for imported products, the highest rate since 1934, according to the Budget Lab at Yale, a non-partisan policy research center.

Late Thursday, Trump ordered new tariff rates for 66 countries, the European Union, Taiwan and the Falkland Islands. Among them: a 40% tariff on imports from Laos, a 39% tariff on goods from Switzerland and a 30% tariff on South African products. read more

Musk, a social media powerhouse, boosts fortunes of hard-right figures in Europe

Musk, a social media powerhouse, boosts fortunes of hard-right figures in Europe

By ERIKA KINETZ and AARON KESSLER

ROME (AP) — Hard-right commentators, politicians and activists in Europe have uncovered a secret to expanding their influence: engaging with Elon Musk.

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Take the German politician from a party whose own domestic intelligence agency has designated as extremist. Her daily audience on X surged from 230,000 to 2.2 million on days Musk interacted with her posts. She went on to lead her party to its best-ever electoral showing.

Or the anti-immigration activist in Britain, who was banned from Twitter and sentenced to 18 months in prison for contempt of court. Since Musk let him back on the platform in late 2023, he’s mentioned, reposted or replied to the billionaire more than 120 times on X — and gained nearly a million followers. read more

Higher prices, evolving technology complicate back-to-school shopping

Higher prices, evolving technology complicate back-to-school shopping

By Carson Hartzog, The Minnesota Star Tribune

Color-coded folders and notebooks. A fresh stash of pens and pencils. A new outfit.

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Millions of American students from preschool through college, and their (often) bankrolling parents, back-to-school shop ahead of each fall. But as prices rise, technology evolves and new products hit the shelves, families are seeking ways to keep checking off the school supply list affordably.

“When I was young, I had $50 to go to the grocery store. I go now, and that’s, like, three or four items,” said Matt Marsh, Minneapolis managing partner at Deloitte. “Everything costs more. So families are getting squeezed a bit, and it’s creating a level of anxiety.” read more

4 ways to become your own consumer advocate

4 ways to become your own consumer advocate

By Kimberly Palmer, NerdWallet

The Consumer Financial Protection Bureau, or CFPB, and other government agencies have scaled back their consumer protection work in recent months, but there are still steps people can take to keep their money safe.

In fact, consumer advocates say doing so is more important than ever.

“We as consumers are quite vulnerable right now,” says Christine Hines, senior policy director at the National Association of Consumer Advocates.

“We all need to be much more diligent about the products and services that we sign up for,” she adds.

Here are four ways to be your own advocate:

Enter new financial relationships with skepticism

Before taking out a new loan, insurance policy or any other kind of financial product, research the company, says Jeanine Skowronski, author of the “Money As If” newsletter.

Read reviews on Google, Trustpilot, Reddit, the Better Business Bureau and other sources that collect consumer feedback and complaints, she says. The CFPB complaint database is still available, too.

“You want to take everything in aggregate. Look at a lot of sources and identify themes,” Skowronski says. “Use many voices to help you decide.” read more

US employers added just 73,000 jobs last month as labor market weakens in face of Trump trade wars

US employers added just 73,000 jobs last month as labor market weakens in face of Trump trade wars

By PAUL WISEMAN, Associated Press Economics Writer

WASHINGTON (AP) — U.S. employers added just 73,000 jobs last month and Labor Department revisions showed that hiring was much weaker than previously reported in May and June. The unemployment rate ticked up to 4.2%.

The deterioration in the job market is taking place with companies paralyzed by uncertainty over President Donald Trump’s erratic trade policies.

The Labor Department reported Friday that revisions shaved a stunning 258,000 jobs off May and June payrolls.

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The stock market tumbled on the news. read more