In a Rose Garden speech Wednesday, President Donald Trump announced sweeping new tariffs on nearly all goods imported into the U.S.

The tariffs will begin at a baseline of 10%, but many countries with relatively large trade deficits will see higher rates due to reciprocal tariffs, which will tax their imports to the U.S. at roughly half the rate of their own tariffs on U.S. goods.

The orders also begin a 25% tariff on foreign-made automobiles imported to the U.S.

"This is one of the most important days, in my opinion, in American history," President Trump said. "For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it's our turn to prosper, and in so doing use trillions and trillions of dollars to reduce taxes and pay down our national debt."

During his comments, President Trump said a tax deduction may be enacted for Americans who buy a car built in the U.S.

But the president said he "couldn't care less" if foreign automakers increase their prices in response to the new tariffs.

RELATED STORY | Trump announces baseline 10% tariff on imports for all US trade partners

The White House says the tariffs will raise hundreds of billions of dollars and spark more companies to produce their goods domestically.

But many economists say consumers will pay the price including economics professor Keith Maskus.

"In the end, it is pretty much always the domestic consumers that pay almost the full share these tariffs. And again, it's just the way tariffs work," Maskus said.

That could mean higher prices for cars, groceries, housing and other goods impacted by the tariffs.

And those who can afford them the least may feel the pinch the most.

"The share of consumption that low-income households pay for tariffs is much, much higher than it is for middle-income or higher wealthier consumers," Maskus said.

Farmers are expected to bear the brunt of these trade tensions. According to the American Farm Bureau Federation, Canada and China were the second and third-largest destinations for U.S. agricultural products in 2024.

Retaliatory tariffs could decrease demand for U.S. goods, impacting production and farmers' bottom lines and increasing prices in stores.

RELATED STORY | Lawmakers weigh in on Trump's sweeping new tariffs

Small business owners shared many of those concerns on Wednesday in interviews with Scripps News.

"The only way we can really respond is take an even bigger hit on our margins, which have already been decimated due to inflation and COVID; B, lower the quality of our products, which is not something we want to do; or C, have to increase prices," said Alfred Mai, founder of ASM Games, a card game manufacturer. "None of these are things we want or want to do. But at some point, these tariffs have to go somewhere."

"I think looking at trade imbalance is a really important issue, but not on the backs of small businesses," said Sarah Wells, the founder and CEO of Sarah Wells Bags, a Virginia-based small businesses that makes handbags and apparel. "In fact I think we really need to think of businesses as not a monolith. Small businesses just don't have the cash and resources for unpredictable international tariffs."

Markets sank in after-hours trading following President Trump's announcements, which came after trading had closed for the day.

An ETF that tracks the S&P 500 dropped more than 2.3% and the ETF that tracks the NASDAQ 100 also dropped about 3.1%.

Federal cuts by the U.S. Department of Government Efficiency (DOGE) are prompting many Americans to reconsider filing their taxes this year, according to a new survey from Credit Karma.

The survey reveals that confidence is growing among taxpayers that they can evade scrutiny from the IRS following thousands of layoffs within the agency. Disclaimer: This information is not an invitation to subvert the IRS and engage in illegal behavior.

You definitely dont want to mess with the IRS," said Courtney Alev, a consumer financial advocate with Credit Karma. "Its not shocking that this compounding set of stressors and anxieties is leading to some of that avoidant behavior.

RELATED STORY | Why many Americans are seeing bigger tax refunds this year

The Credit Karma survey shows that due to DOGE cuts, 24% of Americans are less concerned about making a mistake on their tax return this year, 46% are worried they won't receive their refunds, and 17% of millennials may not file their returns at all due to a perceived lower chance of being audited. Alev emphasizes that the idea of not filing should not be taken lightly.

You're going to potentially face penalties for failing to file, for failing to pay your bill if you owe a tax balance this year, she said. In addition to any penalties, and you do owe a balance, the IRS will charge you interest on any tax that you don't pay.

Latest IRS data indicates that compared to this time last year, there have been just under 2% fewer tax returns filed and nearly 1.5% fewer processed returns. This marks the largest decrease in returns since March 18, 2022, when IRS data recorded a 5.1% decline from the previous year. An IRS spokesperson did not provide a reason for this decline when contacted by Scripps News.

RELATED STORY | Weighing the pros and cons of DIY taxes

Alev advises caution, asserting that it is "always better to be safe than sorry" because "there's really no outrunning the IRS."

The first thing you want to do is understand the options available to you like a repayment plan versus getting yourself into a situation where you might be in a place where you need to deal with garnishment, she added.

This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.

Erica Groshen received an email on March 4th from the federal government announcing the termination of the Federal Economic Statistics Advisory Committee, on which she served. The email stated the group's needs had been fulfilled.

Groshen, a former Commissioner for the Bureau of Labor Statistics during the Obama Administration, expressed surprise at the news.

"The language of it, to me, was particularly disturbing," she said. "It was very terse. It was like three sentences or something like that."

The group's charter outlined its mission to advise the Bureau of Labor Statistics, the Bureau of Economic Analysis, and the Census Bureau on practices to ensure their reports are accurate and timely. This is particularly crucial for a nation that leads the global economy.

RELATED STORY | Scripps News Reports: The Trump Economy

Groshen found it perplexing that the committee's annual budget was $120,000, a minimal amount compared to the $2 trillion in reductions sought by the Department of Government Efficiency. Her surprise transformed into concern.

"Statistical agencies live and die by trust," Groshen stated. "In order for federal stats to be worth the taxpayer dollar, people have to believe they are objective. They have to be produced with objectivity without any interference from elected officials."

Groshen fears that disbanding the committee may open the door to manipulation for political or other motives. Notably, the email came just days after Commerce Secretary Howard Lutnick announced plans to revise the formula for calculating gross domestic product (GDP).

RELATED STORY | Truth Be Told: Trump didn't inherit 'economic catastrophe'

Lutnick argued that removing government spending from the equation would yield a more accurate assessment of the economy, potentially shielding against adverse effects of cuts made during the Trump administration.

While Groshen has not observed any evidence of data manipulation, she is concerned about the weakening of the checks and balances designed to prevent such actions.

"The possibilities of tampering are pretty broad, right?" she questioned. "You could alter the methodology."

This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.

Wall Street is grappling with its most significant sell-off in months as market strategists struggle to navigate the Trump administration's fluctuating tariff policies.

The S&P 500 recently plummeted to a low of 5,528 points, marking a 10% decline from a record-high reached in February. The Dow Jones Industrial Average and NASDAQ have also experienced notable losses, leading to trillions of dollars in lost market value.

RELATED STORY | US stock markets tumble amid fears of recession and trade wars

"It's kind of like a game of chicken basically that Trump and America is playing with these other countries, right?" questioned Aaron Cirksena, founder of MDRN Capital. "And it's kind of like who's going to blink first, who's going to make a concession first?"

Cirksena explained that without any financial concessions from international trading partners, investors will likely continue to face uncertainty as they assess the potential risks to various industries.

The unresolved tariff situation has dampened consumer sentiment, leaving company executives concerned about its potential impact on future earnings. Retailers and airlines have been particularly hard hit; Dick's Sporting Goods, Kohls, Delta Airlines, and American Airlines have all reported disappointing results or adjusted forecasts for 2025.

RELATED STORY | Europe, Canada retaliate against Trump's 25% tariffs on aluminum, steel

"The biggest advantage that we have as America, with our economy being the size it is and being as impactful as it is for other countries' economies, is that we probably have more of an ability to weather these storms than some other countries have," Cirksena said. "I'm sure that's playing into [Trump's] mind a little bit of thinking, look, some of these other countries, if their constituents start to feel a little bit of the pain, they may have to be the ones to blink before we do."

In times like these, Cirksena emphasizes the importance of maintaining a diversified investment portfolio. All 11 major S&P sectors have declined over the past week, although technology and consumer non-essential goods and services the two worst-performing groups this year saw the least severe drops.

This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.

Despite lower consumer confidence, interest rates are expected to remain steady at the upcoming Federal Reserve meeting in mid-March.

Interest rates influence various financial aspects, including credit card debt, mortgage rates and savings accounts. The Federal Reserve adjusts these rates based on economic conditions such as inflation and unemployment, impacting how much banks pay for deposits.

"Interest rates have been elevated for the past few years and clients should really be looking to take advantage of that for their short-term savings," said Brandon King, head of Personal Investor Cash at Vanguard.

High-yield savings accounts and money market accounts are options for consumers looking to earn higher interest rates on their savings. These accounts often offer better returns than standard savings accounts, although they may come with restrictions such as limited withdrawals or minimum balance requirements.

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A recent Vanguard survey revealed that 50% of respondents saving money are not earning 3% or more interest on their cash, indicating potential missed opportunities for higher returns.

Interest on savings accounts is typically compounded, meaning it is calculated on the initial principal and also on the accumulated interest from previous periods. This can enhance the overall return if the interest is reinvested.

While high-yield savings accounts are beneficial for emergency funds and short-term savings goals, they may not be ideal for accounts used for daily expenses due to withdrawal limitations.

This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.

More than 325 million people visited national parks in 2023, according to the National Park Service, and visitation in 2025 is expected to exceed that number. This influx of visitors is anticipated to strain parks that are already operating on thinner margins.

One employee, who requested anonymity, shared his experience after being terminated from Rocky Mountain National Park in Colorado.

"I found out at 4:57 on Friday that I was being terminated," he told Scripps News.

RELATED STORY | Trump's widespread federal layoffs could be felt across the country

The employee received a letter from the U.S. government stating he failed to demonstrate fitness or qualifications for continued employment.

"I have been working for the government since 2015," he added. "I have an excellent track record. I have performance reviews every single year that have good or excellent reviews."

He is among the roughly 1,000 National Park Service employees who lost their jobs as part of layoffs affecting thousands nationwide. The cuts were not publicly announced, and the employee and his wife who lived in park-provided housing were forced to pack up and leave immediately.

"There's just so much uncertainty at this point," said Micheele Uberuaga, senior program manager with the National Parks Conservation Association.

RELATED STORY | More national parks are using reservations to control crowd size

With the busy spring and summer seasons approaching, Uberuaga noted that these cuts could have far-reaching impacts on park maintenance, entry, fire mitigation, and trash cleanup. At Zion National Park in Utah, where National Park Service staffing has been down 20% since 2010, wait lines are already a growing concern.

"Cutting staff that put out unattended campfires, that manage timber sales, that support wildland firefighting efforts, means that our communities will face much more wildfire risk come spring," said Democratic Sen. Michael Bennet of Colorado.

Bennet and other Democrats have criticized the layoffs, while some Republicans such as Congressman Jeff Crank have supported the cuts as necessary to reduce what they describe as wasteful spending.

"If you're a federal employee and you're doing good, valuable work, then the Federal Government is going to want you there," Crank said. "This isn't an attack on federal employees."

RELATED STORY | National Park Service announces free entry days for 2025

A federal judge recently declined to issue a temporary restraining order against the layoffs, but a new lawsuit was filed by federal unions claiming that the Office of Personnel Management lacks the authority to terminate these workers.

"I think worst-case scenario, public safety could be at risk," Uberuaga said. "And we're right at that breaking point. Morale is very low and people are scared they might lose their job next."

This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.

Tax season can be overwhelming for many individuals, especially if you're not a Certified Public Accountant. To help make sense of it all, we spoke with Lisa Greene-Lewis, a CPA at TurboTax.

First, I would gather all your documents in one place," she advised.

Greene-Lewis emphasizes that deductions are critical. It might seem obvious, but whether you pay for childcare, contribute to a health savings account, or own an electric vehicle, there are numerous tax breaks available. Being aware of these deductions is your best bet for reducing your taxable income.

RELATED STORY | Weighing the pros and cons of DIY taxes

If you went to college and took a class, you may be eligible for the lifetime learning credit, and that could be worth up to $2,000 just for one class so you want to have those receipts gathered together," Greene-Lewis said.

Another essential factor to consider is your state of residence, especially with the rise in remote work. If you live in a different state from where your employer is based, there could be tax implications due to varying state definitions of residency, which can affect your state income tax. Additionally, changes in this years tax code are important to keep in mind, particularly for online sellers.

You know, there are so many people that are working side gigs. ... Anything directly related to your business, you want to have those receipts. It could be advertising, car expenses, your home office," Greene-Lewis noted.

FROM THE ARCHIVES | Certain tax cuts are set to expire next year. Here's what that means

In line with this, the IRS changed the reporting thresholds for the 1099-K form for online sellers using services like PayPal or Venmo. Previously, you only had to report amounts exceeding $20,000. This year, the threshold has dropped to $5,000, and in 2024, it will be $2,500, before further decreasing to $600 in 2026.

Keeping track of these transactions is crucial to avoid potential penalties from the IRS.

This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.

If you're considering buying a new couch for $800, the option of spending $100 a month for 8 months with zero percent interest might seem appealing. However, research indicates that this approach can lead to challenging financial situations compared to paying for the couch upfront.

You've likely encountered these options online. When making a purchase, instead of charging the entire amount to your credit card or debit account, you might see the option to buy now and pay later.

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It sounds convenient, right? Spreading out payments without penalties allows you to keep extra money in your account for longer. Yet, experts caution that this can lead to mounting financial pressure.

"Buy now pay later is just a modern-day version of what we used to call layaway, said Darrin Duber-Smith, a professor of marketing at Metropolitan State University of Denver.

According to the Harvard Business Review, consumers who used buy now, pay later (BNPL) services were 9% more likely to make a purchase, and the number of items purchased increased by 10%. This trend was not just temporary; research examining the shopping habits of nearly 300,000 people showed that these increases continued for almost six months.

"It's just the need. I think there's not a need amongst higher-income people to put off the inevitable payment that we all know is coming, Duber-Smith stated.

RELATED STORY | What to buy in February, for some of the best savings of the year

Duber-Smith also noted that these financing options are especially attractive to lower-income individuals. The Harvard Business Review study supports this, indicating that BNPL options provide a greater sense of control over budgeting, as costs seem more manageable.

However, the downside is that this perception of control can lead to overborrowing and financial strain, as those small monthly payments can accumulate quickly.

"I think we're spending too much and that's the bottom line, Duber-Smith concluded.

This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.

Investigators are trying to determine what caused a medical jet to crash into a Philadelphia neighborhood on Friday, killing six people on board and one person on the ground.

"We havent seen anything like this," said Anthony Phillips, a Philadelphia City Council member, reflecting on the impact of the crash.

A child patient, a passenger and four crewmembers were aboard the plane when it crashed Friday night. The girl had just received lifesaving medical treatment at Shriner's Children's Hospital and was returning home to Mexico.

RELATED STORY | US Army identifies 2 of the soldiers killed in fatal mid-air crash near Reagan National Airport

Officials said on Saturday that the plane had climbed to 1,500 feet after taking off from Northeast Philadelphia Airport. It then made a left turn followed by a right turn and then entered a steep descent before crashing. No emergency was communicated from the flight deck to the air traffic control tower, officials said.

In addition to the one person on the ground who was killed, nearly two dozen others were injured.

RELATED STORY | Investigators begin review of black boxes following deadly mid-air collision

The National Transportation Safety Board is currently investigating the incident, going through a debris field spanning about five blocks. Officials are also searching for the cockpit voice recorder, which they believe may be damaged or fragmented.

Jet Rescue Air Ambulance stated that their crew was experienced and the plane was in "excellent condition."

Your shopping habits have probably changed a lot as prices have edged higher over the years. And while you may not think about it, some companies are actually looking for ways to cut costs to also bring down those prices.

John Deere is set to revolutionize agriculture with the release of the 9RX, the world's first autonomous tractor, which promises to enhance productivity and reduce costs for farmers.

RELATED STORY | Data shows more farmers are trading in tractors for drones

The 9RX tractor, equipped with GPS technology, can operate without human intervention, precisely navigating fields to optimize farming efficiency. This innovation is part of a broader trend where companies are leveraging cutting-edge technology to reduce operational costs and ultimately lower consumer prices.

"How can we do more with less? How can we farm every inch of that land? How can we as much yield per acre? That's the name of the game," said Igino Cafiero, director of high-value crop autonomy at John Deere.

According to the U.S. Department of Agriculture, advancements like the 9RX increase crop productivity, decrease water and fertilizer use, and improve worker safety. The Rural Broadband Association highlights that AI imaging can cut chemical costs by 60% or more, making farming more economical.

RELATED STORY | Sustainable farming: How technology can optimize food production

With such technological advancements, consumers can expect a positive impact on their wallets as these efficiencies in agriculture translate to cost savings in the marketplace.

This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.