The tariffs are at a level not seen in the U.S. in almost 100 years, with Americans expected to pay an average of 18.3% more for imported products. That’s the highest rate since 1934, according to the Budget Lab at Yale,

Wall Street now thinks it's more likely than not that the Federal Reserve cuts interest rates three times in 2025, after a week where President Donald Trump moved to tighten his grip on the central bank.