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Forbes
5 hours ago
- Business
- Forbes
How Trump's First Six Months Are Affecting Consumer Finances
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. A little more than six months into President Donald Trump's second term, key policies—including the sweeping One Big Beautiful Bill Act —are reshaping how Americans earn, spend, save and invest. From new tax breaks to tariffs, the economic landscape is shifting fast. Whether you're watching prices, planning a move or building wealth, here's what's changing, how consumers are feeling about the economy and how to make smart financial decisions in the changing economic landscape. Recent polls show President Trump's job approval rating remains below 50% in the early months of his second term. In six national surveys conducted between June and July 2025, Trump's approval ranged from 38% to 45%. At the same time, consumer confidence in the economy is low, with more than half of Americans in all six polls disapproving of the current state of the economy. But what do these numbers mean for your daily life, paycheck, grocery bills or savings account? We break down how current policies are shaping the financial picture for everyday Americans and what steps you can take now to protect your money. The good: Since January 2025, the U.S. unemployment rate has ticked up slightly from 4% to 4.1%, remaining historically low despite signs of a cooling labor market. While adult unemployment has remained relatively stable across genders and racial groups, teen unemployment experienced the sharpest rise, increasing from 11.8% to 14.4%. (Both stats are according to the Bureau of Labor Statistics.) The challenge: New tariffs on foreign goods are driving up prices on essentials like electronics, cars and even some groceries. However, the increase is still minimal on average, with some product pricing rising faster than others, such as large appliances. This eats into budgets, especially for families already stretched thin. Beyond higher prices, some companies are now diverting staff and resources to navigate tariff rules and shifting focus away from innovation and production. That shift can slow growth and raise the risk of recession as both supply and consumer demand take a hit. What you can do to stretch your dollar amid rising prices: Delay large purchases or consider secondhand alternatives. Use cash-back credit cards to earn money on purchases, helping offset the rising cost of goods. Pay the card balance in full each month to avoid erasing savings with interest charges. to earn money on purchases, helping offset the rising cost of goods. Pay the card balance in full each month to avoid erasing savings with interest charges. Stack loyalty programs with store credit cards to maximize savings. Using a store's free membership alongside a rewards credit card can combine discounts, cash back and exclusive offers. Get a $150 Amazon Gift Card instantly upon approval exclusively for Prime members Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. The Trump Administration's One Big Beautiful Bill Act introduced a $6,000 tax deduction for seniors and a $1,000 child bonus for families. The good: These benefits could ease pressure for retirees on fixed incomes and help working parents offset rising child care and education costs. The catch: Not everyone will see the same impact. 'The new senior and child tax breaks do not help low and middle-income families, mostly because not only do they need to be seniors or have children, they also need to be aware of how to claim those breaks. The benefit is to high earners who know how to take advantage of these new tax breaks,' says Mayra Rodríguez Valladares, managing principal at financial consulting company MRV Associates. Taxpayers must claim the deductions on their federal return, which could limit access for lower-income families without professional tax help. That concern is echoed by the nonpartisan Center on Budget and Policy Priorities (CBPP), which points out that the bill also includes more than $1 trillion in Medicaid cuts over the next decade. If states can't cover the gap, millions of low-income adults could lose coverage, which could cancel out the value of the new deductions for some families. What to do: If you do qualify for tax breaks and end up receiving a tax refund, consider using it to build financial stability. First, pay off any high-interest debt. Credit cards often come with interest rates of 20% or more and can quickly drain your budget. If possible, transfer high-interest debt to a card with a 0% APR . This can help you eliminate interest immediately. Use tax software to claim every deduction. If you can't afford a certified public accountant, there are many reputable tax programs that walk you through deductions like the senior tax break or child bonus. They help flag credits you might otherwise miss. This is especially useful for first-time filers or part-time workers. to claim every deduction. If you can't afford a certified public accountant, there are many reputable tax programs that walk you through deductions like the senior tax break or child bonus. They help flag credits you might otherwise miss. This is especially useful for first-time filers or part-time workers. High-yield savings accounts currently earn around 5.8% APY , as of July 28, the time of this writing. At 5.8% APY with monthly compounding, $1,000 could grow to about $1,783 in 10 years, $2,381 in 15 years and $3,181 in 20 years through compound interest , more than tripling your initial investment. , as of July 28, the time of this writing. At 5.8% APY with monthly compounding, $1,000 could grow to about $1,783 in 10 years, $2,381 in 15 years and $3,181 in 20 years through , more than tripling your initial investment. Certificates of deposit may offer similarly high rates, around 4.5% , but require you to lock in your money for a set period of time. Since Trump's second term began in January 2025, the stock market has rebounded from early-year volatility to reach new highs. After a dip in the spring tied to tariff concerns, the S&P 500 climbed steadily and hit a record in July. Still, with about 62% of Americans owning stocks—according to a 2025 Gallup poll—many households haven't benefited, especially those relying on cash savings, which continue to lose value to inflation. The divide: Households with investments, such as 401(k)s, IRAs or brokerage accounts, have likely experienced growth this year, providing them with a more substantial financial cushion and increased options. But for those without market exposure, inflation continues to erode savings, especially in low-interest accounts. Even among those with investments, many near retirement are still at risk. According to a 2022 Employee Benefit Research Institute report, 32% of people nearing retirement have their 401(k) savings in target date funds, diversified portfolios that automatically reduce risk as you get older. That leaves many older Americans more vulnerable to market swings, especially in today's tariff-fueled economy. What to do: If you're invested: Consider rebalancing your portfolio to lock in gains and protect against volatility. If you're approaching retirement, check whether your 401(k) plan offers a target-date fund or other risk-adjusted options. Consider rebalancing your portfolio to lock in gains and protect against volatility. If you're approaching retirement, check whether your 401(k) plan offers a target-date fund or other risk-adjusted options. If you're not yet invested: Start small. Invest in a diversified ETF or index fund. If you're new to investing, a low-cost index fund offers broad exposure without requiring you to pick individual stocks. Open a Roth IRA , which allows your money to grow tax-free, and you can withdraw contributions at any time without penalty—ideal for long-term savers. Use a robo-advisor. Automated investment platforms tailor portfolios to your specific goals and risk tolerance, making it easier to get started with investing. Start small. Prices remain sticky in 2025. While inflation isn't spiking, it's not dropping much either. This is keeping pressure on everyday budgets. The Federal Reserve has held rates steady so far this year, resisting calls to cut. The good: Wages have grown faster than inflation over the past year, but that doesn't mean everyone feels richer. According to the Bureau of Labor Statistics, median weekly earnings for full-time workers rose 3.9% between Q2 2024 and Q2 2025. Over the same period, inflation increased 2.7%, meaning workers saw a small gain in real purchasing power. But gains were uneven.. From May to June, real average weekly earnings ticked down by 0.4% as the average workweek shortened from 34.3 to 34.2 hours. That means some workers took home less overall, even if hourly pay stayed flat. Meanwhile, the cost of essentials—rent, groceries, health insurance—remains stubbornly high. For many households, that small gain in earnings hasn't been enough to keep up with the bills. What to do:
New York Times
8 hours ago
- Automotive
- New York Times
Oscar Piastri is chasing a Lewis Hamilton record. Plus: F1 rain debates
Prime Tire Newsletter | This is The Athletic's twice-weekly F1 newsletter. Sign up here to receive Prime Tire directly in your inbox on Tuesday and Friday. Welcome back to Prime Tire, where we're wondering if it's possible to write a Formula One newsletter with a head cold and not get sidetracked by nostalgic summer memories of a children's backyard toy. I guess we'll see. Achoo. I'm Patrick, and Madeline Coleman will be along shortly. Let's get to it. A stat snuck up on me this weekend. Oscar Piastri won the Belgian GP. That's not the stat — the stat is that he's finished every grand prix since the 2023 Mexico City GP. That's 41 in a row — the third longest race-finishing streak in F1 history. The only drivers with longer runs of finishing a race are Max Verstappen (43 races in a row, from the 2022 Emilia-Romagna GP to the 2024 Saudi Arabian GP) and Lewis Hamilton (48 races in a row, from the 2018 British GP to the 2020 Bahrain GP). You know, the last two guys to win the F1 drivers' title. Hey, wait a minute. Piastri leads the drivers' championship right now. Over the last 10 years, how many drivers' champions were in the middle of a 30-plus race-finishing streak when they won the title? Seven of the last 10 champions (70 percent!) had a live 30‑plus finishing streak during their title‑winning year. Some takeaways from this: Not required, but increasingly common. Before the current super‑reliable hybrid era, even 20 straight finishes was impressive. Now, modern tech means front‑running cars can stay untouchable for seasons at a time — as long as they have a talented driver behind the wheel. Advertisement Correlation, not causation. Long streaks tend to appear when a driver-and-car combination is dominant (Hamilton/Rosberg at Mercedes, Verstappen and Red Bull). Still room for exceptions. Verstappen's streak ended at Australia in 2024 due to a brake failure. He won the title by 63 points. Hamilton's run ended in 2020 because he contracted Covid-19 and missed the following race and won the title by 124 points. If you have outright speed, you can survive the odd zero. So what does this mean for Piastri? A mega‑streak isn't strictly necessary to become an F1 champion, but in the current era, it's becoming a very common hallmark of a championship campaign. Let's treat it as an early warning sign that Piastri is on his way to something. By the way, if you're wondering: Lando Norris' longest streak of race finishes in F1 is 34 — ended a month ago in Canada, when he (as we put it) self-destructed. Now let's head down to the paddock, where Madeline has discovered a miserable mistake from Haas… A few different things went wrong for Haas on race day. Ollie Bearman had to manage an engine issue for the entire grand prix, losing three positions from it, the rookie said. The problem left him struggling to overtake, despite the car having competitive pace throughout the weekend to that point. On top of that, his setup did impact his race as well. 'He had lots of pace with the downforce level he had, he was really happy with the car, and he had so much confidence,' team principal Ayao Komatsu said in the team's post-race recap. 'We knew, however, if you have that setup and you're in traffic, you're not going to overtake, which is unfortunately exactly what happened.' The team also pitted both Bearman and Esteban Ocon a bit late, a lap too late for the rookie and two laps late for the Frenchman, Ocon said. And this is where matters got worse for Ocon. He pitted on Lap 13 out of 44, and the team fitted him with a used set of tires despite a fresh set waiting. Advertisement 'On Esteban's side, we had an operational error and the pit stop timing wasn't right,' Komatsu said in the team's post-race recap. 'The speed is there, though; I think we may have the fifth-fastest car out there, which is amazing and hats off to the team who delivered it, but we just failed to execute. 'We have one more race before the shutdown, so we need to focus on the basics, and if we do that extremely well, I honestly have no doubt that we can score with both cars.' Sunday's race at Spa dragged out for about an hour as intermittent downpours turned Eau Rouge into a Slip 'N Slide. (Side-note: The Slip 'N Slide folks were geniuses. Take two items most American families have — a tarp, a hose — and just… sell it back to them.) (Side-note to the side-note: I just read that the inventor of Slip 'N Slide made it when he saw his son sliding on concrete. So add Slip 'N Slide to the long list of inventions created to save kids from themselves. Outlet covers, kids' scissors and Slip 'N Slides… I forgot what I was talking about. Oh, right —) The delay inconvenienced a few teams (such as Red Bull) who thought we'd get more wet-weather racing than we did, and tailored their setups accordingly. Verstappen was among those who lamented the lost chances for genuine wet-weather wheel-to-wheel action in exchange for cautious procession laps. But, as Madeline reminds us, safety's no joke at a venue with Spa's dark legacy: Changes made over the years prompted F1's return in the 1980s, but in recent years, the Eau Rouge and Raidillon section (Turns 2 through 4) has become a topic of concern. Anthoine Hubert died in 2019 following a multi-car crash that started at Raidillon during a F2 race. In a Formula Regional European Championship race that took place in wet conditions in 2023, Dilano van 't Hoff died after an accident between Raidillon and the Kemmel Straight. So it shouldn't be too surprising that race control took great care with the start of the race. But, as Verstappen suggests, are we losing something essential by limiting the wet-weather racing? Check out Madeline's piece for more on the post-Spa debate. No Outside the Points today because I'm sick and would like a nap. But I will leave you with a final thought on Spa. Piastri's first lap (OK, it was the fifth lap because of the rain delay), race-winning pass on Norris was terrific. Another one of those 'Looks Easier on TV' moments — especially because he set it up by following one car length back through Eau Rouge, one of the most iconic (and deadliest) turns in F1. He and Norris are going at least 174 mph (280 km/h) there. On a wet track. Here's another angle of Eau Rouge, taken from an onboard camera on Charles Leclerc's car. That's rocket-ship stuff. We take what these guys do for granted. No wonder Piastri said he was trying to 'be as brave as I dared' through Eau Rouge on that winning move. I loved what Luke Smith said about Piastri on Sunday: that 'these are the moments that will prove decisive' in the title fight. (Read his full story here!) They're also the moments that truly set us apart from the drivers who make them — and why we tune in every weekend. 📫 Love Prime Tire? Check out The Athletic's other newsletters. Top photo:
Engadget
9 hours ago
- Business
- Engadget
Prime members can get the DJI Mini 4K drone on sale for $249
Amazon is selling the DJI Mini 4K drone for just $249 , which is a discount of $50. The deal is only for Prime members. This is the lowest price we've seen for this particular model since early in the year. The Mini 4K is a beginner-friendly drone , but it's still got plenty of nifty features. As the name suggests, it can capture 4K video at up to 30 FPS. It can also record 2.7K footage at 60 FPS. There's 2x digital zoom, a 3-axis gimbal and electrical image stabilization. The drone can transmit 1080p video from up to 10km away. This deal is only for Prime members. $249 at Amazon It offers level-5 wind resistance, which is nice, and can fly for up to 31 minutes per charge. The drone allows for one-tap movements and comes with a dedicated remote. Users can also access the companion app for additional controls and to access flight tutorials. Perhaps the coolest feature here is the size and form factor. The Mini 4K is small enough that it doesn't require FAA registration, so you can take it out immediately after unboxing. It's also foldable, making it easy to store when not in use. This particular model didn't make our list of the best drones , but its more expensive sibling, the Mini 4 Pro, was our very favorite. Follow @EngadgetDeals on X for the latest tech deals and buying advice .
Daily Mirror
11 hours ago
- Business
- Daily Mirror
Samsung Galaxy phone gets even cheaper as it falls below £250
The Samsung Galaxy model has three main camera sensors, AI-powered zoom, a big battery and plenty of storage Samsung is renowned for some of the industry's high-performance phones on the market, look at the Galaxy S25 Ultra or its newest Galaxy Z Fold7 and Z Flip7. These come with a high cost, often reaching as much as £1,000 each, leaving some shoppers scouring for cheaper alternatives. Fortunately, Samsung has an offering for those of us who are more budget-conscious. The Galaxy A26, which hit the market in March 2025, was launched at a price of £299. And now Amazon is offering an ever cheaper price. In a new sale, the Prime retailer has slashed £50 off the price for a limited period. This means that customers can now bag a perfectly capable brand new Samsung Galaxy phone for £249, a price which is matched at the Samsung store too. Despite being at the budget end of the range, it still retains many features from Samsung's pricier models. For starters, it boasts three main camera sensors, including an ultra-wide, normal wide, and macro camera. While it doesn't have a telephoto zoom, it can use AI to zoom in up to 10x. Additionally, it offers a decent amount of storage for all photographic memories. With 256GB, it provides double the base storage capacity of an iPhone 16. Add to this six years of guaranteed software updates, and buyers can be confident that this Samsung device will serve them well for a considerable time. While it may not have as powerful a processor as the top-end Galaxy S25 models, it strikes a great balance for those looking to save a bit of money. Amazon is currently offering some top-notch budget smartphones, including the quirky Nothing Phone (3A), which sports a unique design on the back and is up for grabs at just £289. For those looking to spend even less, the HONOR X6c could be an option, discounted to £89.99 from its usual price of £129.99. It boasts a 120Hz display and a hefty 5300mAh battery. The Samsung Galaxy A26 has a 4.3-star rating on Amazon. One satisfied customer commented: "Great phone at a good price, good looking and nice clear screen." Another happy buyer remarked: "Surprisingly good for the price. It's a fair sized phone with a good camera and screen considering how cheap it is. Highly recommend." Yet another added: "I have used it for several days but I am very happy with the performance. Battery lasts all day with heavy usage, light weight." Some users, however, did report disappointing battery life despite its large capacity. As one person said: "Good phone - nothing out of the ordinary though. Battery runs out quickly."
Saudi Gazette
11 hours ago
- Business
- Saudi Gazette
Amazon.sa prime members set to save big during seven-day sale from July 25 to 31
is gearing up to release thousands of incredible deals and deep savings to Prime members during this year's Prime Day sale event in Saudi Arabia, from July 25 (starting at 00:01am local KSA time) until July 31. It's not too late to join Prime for only SAR 16/month, or SAR 140/year, at to access Prime Day, and enjoy the full set of benefits included in the membership, such as free and fast delivery and Prime Video. This year's Prime Day is offering seven full days of deals for Prime members to enjoy across more than 30 product categories including everyday essentials, school must-haves, electronics, fashion, beauty, kitchen, home, toys, and Amazon Devices. Deals will span across a wide range of local and international brands, including brands from Amazon US, UK, and Germany through the Global Store – popular brands include Adidas, Anker, Babyjoy, Bellababy, Coach, COSLUS, Dyson, Eucerin, Garmin, Guess, JW PEI, LEGO, LEVOIT, Nivea, PHILIPS, PlayStation, Roborock, Shell, Skechers, Sony, TCL, Tefal, and UGREEN. Abdo Chlala, Country Manager, Amazon Saudi Arabia, said: "Prime Day is all about delivering exceptional value to our Prime members in Saudi Arabia, which is why we're thrilled to bring our biggest celebration yet with seven full days of incredible deals. We're making it easier than ever for members to discover amazing savings on products they love, including summer and back-to-school essentials. This year, we're especially excited to introduce exclusive discounts of up to 35% in our new Amazon Bazaar shopping experience, bringing even more affordable trendy fashion, home, and lifestyle products to members. Combined with fast, free delivery options, instant bank discounts, and flexible payment methods, Prime Day truly brings together everything our members in Saudi Arabia value – incredible savings, vast selection, and a convenient shopping experience." Prime Day 2025 – More Days and More Deals Prime members can shop thousands of deals during seven-day Prime Day event. Here's a preview of top offers: Everyday Essentials and Grocery: Save up to 35% on cleaning and laundry detergents from brands including Clorox, Dettol, Ariel, OMO, and Tide Save up to 30% on water and drinks from brands including Arwa, Coca Cola, Nescafe, Rabea, Twinings, and Maxwell House Save up to 30% on pantry essentials from brands including Betty Crocker, American Garden, and Halawani Bros Save up to 30% on hair products from brands including Shea Moisture, Garnier, Milk Shake, Dove, and Vatika Electronics: Save up to 49% on external hard drives and portable chargers from brands including Scandisk, Anker, and UGREEN Save up to 47% on headphones and microphones from brands including Sony, Anker, Beats, Belkin, Soundcore, and FIFINE Save up to 35% on security cameras and baby monitors from brands including eufy, and EZVIZ Save up to 30% on air purifiers and air conditioners from brands including Philips, Levoit, BISSELL, Midea, and Super General Save up to 23% on gaming consoles, accessories, and monitors from brands including PlayStation, Nintendo, Samsung, ASUS, HyperX, FIFINE, and GAMEON Save up to 20% on laptops from brands including HP, Apple, Acer, and Asus Save up to 20% on TVs from brands including Samsung, LG, Hisense, Panasonic, and TCL Save up to 15% on mobile phones from brands including Apple, Samsung, Xiaomi, and HONOR Amazon Devices Save up to 65% on security cameras from Ring, including the recently launched New Ring Outdoor Camera Plus Save up to 45% on Echo devices Save up to 30% on Kindle devices Beauty and Personal Care Save up to 60% on skincare and makeup from brands including Jessup, Cetaphil, CeraVe, Neutrogena, QV, Maybelline New York, KIKO Milano, Peter Thomas Roth, Aveeno, Minimalist, and Garnier Save up to 45% on hair dryers and personal grooming devices from brands including Philips, Braun, BaByliss, and Shark Fashion and Accessories Save up to 60% on apparel and bags from brands including Tommy Hilfiger, Calvin Klein, Lacoste, Guess, and JW PEI Save up to 60% on watches and fitness trackers from brands including Apple, Coach, Tommy Hilfiger, Fitbit, Casio, Citizen, and SEIKO Save up to 59% on shoes from brands including Sketchers, Puma, and On Cloud 5 Save up to 35% on sunglasses from brands including Ray-Ban, Hugo Boss, Guess, and Oakley Amazon Bazaar Kitchen and Home Save up to 30% on coffee machines and accessories from brands including De'Longhi, Black+Decker, and Nespresso Save up to 30% on air fryers and microwaves from brands including Samsung, Ninja, Black & Decker, Nikai, Philips, Tefal, and Geepas Save up to 30% on cooking pots and sets from brands including Tefal, and Royalford Save up to 18% on air conditioners and fans from brands including YORK, and LEVOIT Save up to 18% on vacuum and carpet cleaners from brands including Dyson, roborock, eufy, COMFEE, and BISSELL Back-to-School Essentials Save up to 60% on water bottles and flasks from brands including Thermos, and Hydro Flask Save up to 35% on backpacks from brands including Nike, Herschel, JanSport and adidas Save up to 30% on school stationery from brands including Crayola, Faber Castell, and STAEDTLER Sports Save up to 60% on sports fashion, equipment and accessories from brands including Under Armour, and Wilson Toys Save up to 60% on toys from brands including LEGO, L.O.L. Surprise and Funko Additional Ways to Save this Prime Day Instant Bank Discounts: Prime members shopping on using alrajhi bank credit or prepaid cards can enjoy additional discounts during Prime Day. T&Cs apply eGift Card: Purchase an eGift Card for SAR 500 now through July 24 and get SAR 35 promotional credit to spend during Prime Day. Buy Now, Pay Later: Prime members on can enjoy hassle-free affordable shopping during Prime Day with Tabby and Tamara, conveniently splitting payments into 4 interest-free installments. T&Cs apply. Installment plans: Members in Saudi Arabia can also opt in to 0% bank installment plans for eligible purchases, available from a wide range of banking partners upon checkout, allowing them to pay for their Prime Day orders on in more affordable and easier monthly installments. T&Cs apply. Prime Day Deliveries Prime members enjoy fast, free delivery options during Prime Day, including Same-Day and One-Day delivery on local items, and Free International Delivery from US, UK, and Germany. Items can be delivered to homes or workplaces, for maximum convenience. Get Ready for Prime Day Prime members across Saudi Arabia can make their Prime Day shopping experience even easier by downloading the Amazon App to browse, shop, and ensure they never miss a deal or by shopping directly on the website on Prime Day 2025 – The Joy of Deal-Hunting in Saudi Arabia Recent HarrisX research reveals Saudi consumers' enthusiasm for sales events, with 86% feeling satisfied by discounted purchases and 52% finding great deals more exciting than spontaneous weekend trips. Digital memberships are highly valued, with 81% of Saudis appreciating their convenience and 80% believing they offer long-term savings. Summer shopping is driven by vacation preparation (27%) and social media trends (23%).
