A financial crisis is brewing in Washington with worldwide ramifications. Will the US government reach a budget agreement before it defaults on its debts? Haley Byrd and Phil Mattingly report on what they describe as an impending “worldwide economic catastrophe”. Who will pay for the tariffs President Trump has imposed on Chinese goods? They carry a heavy price tag, as Katie Lobosco writes for CNN Business. Consumers can act now to avoid paying more for some purchases. Jessica Dickler of CNBC lists a number of items that will face significant price hikes.

Washington Is Flirting With A Debt Crisis. No One Has A Plan To Stop It — The US government is hurtling toward a potential financial crisis, and no one in Washington seems to know how to stop it. As lawmakers trade fire over contempt votes and impeachment, there’s been no progress toward reaching a budget agreement or extending the federal government’s ability to borrow before September, when the money runs out. Read more…

Trump Just Raised Tariffs On Chinese Goods. Here’s What That Means — President Donald Trump just made thousands of items coming in from China more expensive — including baseball caps, bikes and handbags. Most of the imports hit by the new 25% tariff rate are industrial or intermediate goods that are used as component parts in products manufactured in the United States. On Friday, US Trade Representative Robert Lighthizer said in a statement that he had begun the process of adding tariffs to “essentially all remaining imports from China” — goods worth another $300 billion. Read more…

What The Trade War Will Cost You — And What Items You Should Consider Buying Now Before Prices Go Up — Going to the store is about to get more — and possibly a lot more — expensive. As trade tensions between the U.S. and China escalate, with both sides increasing tariffs on a widening selection of products, American consumers will see higher prices as soon as this summer. Here are some things to consider buying now. Read more…

 

John R. Day, Bill Ennis, Stephanie Hall, and Matt Heller

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