excellent morning! It’s Daniel de Visé with your Daily Money.

While campaigning for president, Donald Trump said he would impose a 60% tariff on products from China, America’s leading foreign supplier, and tariffs as high as 20% on other U.S. imports.

But retailers declare tariffs will hurt U.S. consumers.

Trump has said foreign countries would pay the tariffs, which are taxes on imported goods. However, retailers and economists declare it’s American shoppers who will complete up paying more.

Fed eases gain rates

The Federal savings lowered its key gain rate by a quarter percentage point Thursday, its second straight rate cut in response to easing worth rise, a shift tailored to further trim borrowing costs for millions of Americans.

But the more modest cut could foreshadow a slower pace of upcoming rate decreases, especially after Donald Trump’s win in the presidential election. Forecasters expect Trump’s responsibility, trade and immigration policies to partly reignite worth rise, which has pulled back substantially since 2022.

In a statement after a two-day conference, the Fed steered obvious of any references to Trump or the election.

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📰 A great read 📰

Finally, here’s a narrative from Betty Lin-Fisher. We propose it as our customer Friday read.

If you’re in the economy for a used car, be on the lookout for flood-damaged or water-damaged vehicles that may have been cleaned up and put up for sale to unsuspecting buyers.

As many as 347,000 vehicles have been flood-damaged this year, according to estimates by CARFAX. Hurricane Milton added as many as 120,000 vehicles in Florida, on top of 138,000 vehicles damaged by Hurricane Helene across several states. And up to 89,000 vehicles were hit with water damage from smaller storms during the summer.

The last thing you desire to buy is a car that’s “rotting from the inside out.”

About The Daily Money

Each weekday, The Daily Money delivers the best customer and budgetary information from USA TODAY, breaking down complicated events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers money management for USA Today.