Live: Tariffs On China Starting Today
I have previously noted the potential impacts of tariffs on our trade partners. It seems we will have the opportunity to judge those impacts soon!
President Trump announced that there will be 10% tariffs on Chinese imports going into effect today. Tariffs on Mexico and Canada have been delayed for one month.
To recap some of the potential effects you may see:
Costs of living increases: Many of the goods you consume regularly from these countries will increase in price with inflation. Reactionary tariffs from China may also raise prices.
More competitive job market: Economic growth may slow with increased trade costs. Many people who crunch more numbers than I do predict that the tariffs will slow economic growth which often leads to less job opportunities as companies tighten their budgets.
Less fentanyl: Trump cites issues with fentanyl production coming out of China as part of the reason for the tariffs. Perhaps these tariffs will force more cooperation between the US and China.
Regardless, it would be best if you have some extra money saved in the next few months as prices rise.
Learn: How to Build and Emergency Fund
We all know college ain’t cheap. Between tuition and textbooks (that nobody is paying for) saving can get hard. But life happens. Stuff breaks. Your laptop may crash mid-finals.
Suddenly, you're stuck fixing it and eating instant ramen for a month.
It's useful to have an emergency fund when life isn't friendly. Here's how to build one so that eating exclusively ramen is your decision rather than a forced reality.
Step 1: Get a Number
No, not your crush's number. They have a partner. Pick feasible amount of cash to keep in case of emergencies.
This doesn't need to be $10K. Having $500 or $1000 stocked away can be life changing if your computer crashes during finals or an equivalent disaster strikes.
If you are feeling ambitious try to save 3 months of necessary expenses (rent, food, etc.).
Step 2: Open a Separate Account
Keeping your emergency savings in the same account you Venmo people for Canes chicken will not suffice.
Open a high-yield savings account (HYSA) and keep it out of sight, out of mind. Spots with good HYSA's include Goldman Sachs, Vanguard, and Wealthfront.
Step 3: Automate the Savings
If you have a part-time job, you can set up an automatic transfer of $10–$25 per paycheck.
If you have variable income (like me) you can transfer a certain percent (something sustainable like 5% or 20%) to go into your HYSA every time you are paid.
No job? Use round-up savings apps like Acorns that stash away extra change every time you buy something. It all adds up.
Step 4: Don’t Touch It (Unless It’s Truly an Emergency)
Bad Bunny tickets are not an emergency (even though I really wanna go).
Save these funds for real crises—like medical bills, sudden repairs, or unexpected travel. If you're unsure, think for 24 hours before withdrawing.
Step 5: Celebrate the Wins
Every time you hit a milestone ($100, $500, etc.), pat yourself on the back and treat yourself. Do something you love or share with your friends what you achieved.
You have done something difficult, and you should celebrate that.
Launch!
Get an emergency fund. Use the guide above, set a goal, and make it happen!
If you got one, see if you can work towards having 3 months necessary expenses in there.
Or, if you got one but it isn’t in a high yield savings account, transfer it to one so that it can make some money for you while it sits. Your idle money should be working for you.
While this part of finance may not be sexy, it is one of the most important aspects. Hands down.
One in three Americans can’t afford a $400 emergency. You shouldn’t have to rely on a credit card or someone else to get you out of a bind if you don’t have to.
Take care of yourself, and then you can focus on the sexy side of finance ;).
—Ben Brosnahan
