Trump says tariffs will cause "a little disturbance." Here's what that could means for your 401(k).
CBSN
During his Tuesday night address to Congress, President Trump acknowledged his barrage of tariffs might cause "a little disturbance." But with the stock market tumbling this week in reaction to his import duties, workers with 401(k) plans may wonder about how much that disturbance could affect their retirement savings.
The S&P 500 has lost about 3% of its value since Friday, with Wall Street tumbling on Monday and Tuesday after Mr. Trump decided to move forward with 25% tariffs on nearly all goods imported from Mexico and Canada, and an additional 10% on Chinese imports. The stock index regained some ground on Wednesday, rising 21 points, or 0.4%, to 5,799 in afternoon trading.
According to Wall Street analysts, the market reaction reflects investor concerns that a trade war could crimp U.S. economic growth and reignite inflation, putting pressure on U.S. consumers who are already financially strained after grappling with several years of elevated price increases. Some recent economic data also points to souring outlooks from consumers and businesses, with both groups now expecting higher inflation in the face of Mr. Trump's new tariffs.
President Trump is giving a one-month exemption to U.S. automakers from the round of tariffs that took effect on March 4, White House press secretary Karoline Leavitt said on Wednesday.
Washington—Vice President JD Vance, Defense Secretary Pete Hegseth and Director of National Intelligence Tulsi Gabbard are at the southern border Wednesday to highlight the Trump administration's efforts to combat illegal crossings and drug trafficking, the day following President Trump's joint address to Congress in which immigration played a prominent role.
Washington — House Republicans are moving to punish Democratic Rep. Al Green of Texas after he heckled President Trump on Tuesday during his address to a joint session of Congress.
President Trump, in his 2025 address to the joint session of Congress, on March 4, 2025, sought to highlight the accomplishments of the opening weeks of his second administration. Over an hour and 40 minutes, the longest address of its kind, Mr. Trump spoke of his efforts to contain illegal immigration, the executive orders he has signed and his vision for how Congress should enact his sweeping legislative agenda. He also praised the work of Elon Musk and his Department of Government Efficiency task force, or DOGE, for the drastic cuts they have enacted across the executive branch.
Washington — House Republicans are pursuing a stopgap measure to keep the government funded through September, looking to shore up support for the continuing resolution with less than 10 days to prevent a government shutdown.
Democratic Rep. Sylvester Turner of Texas has died, multiple sources tell CBS News, weeks after taking office. He was 70 years old.
In the wake of a televised Oval Office squabble pitting President Trump and Vice President JD Vance against Ukrainian President Volodymyr Zelenskyy, the U.S. has paused intelligence sharing with its war torn ally, according to CIA Director John Ratcliffe.
An Idaho judge is warning attorneys to quit filing so many sealed documents in the murder case of a man accused in the stabbing deaths of four University of Idaho students.
Washington — The Trump administration signaled Tuesday it will move to let Idaho enforce its strict abortion ban, even in the treatment of pregnant women suffering medical emergencies, a dramatic reversal from the previous administration in a closely watched lawsuit.
U.S. officials told CBS News that Mohammad Sharifullah is being extradited to the U.S. in connection with the August 2021 Abbey Gate suicide bombing at the Hamid Karzai International Airport in Kabul, which killed 13 American service members and about 170 Afghans during the withdrawal of U.S. forces from Afghanistan.
A large majority of speech watchers approved of what they heard from President Trump's joint address to Congress Tuesday night.
Sen. Elissa Slotkin of Michigan delievered the Democratic response to President Trump's speech before the joint session of Congress.