President Trump announced a 10 percent tariff on imports from all countries except Canada and Mexico. Had that been the extent of the announcement, the market’s expectations may have been met. In addition, higher tariffs were proposed, specifically for countries with which the U.S. has long-standing trade disputes—most notably China (34 percent), Japan (24 percent), and the European Union (20 percent).

President Trump entered office with a desire to do things differently than his predecessor. He is certainly doing that. He has been aggressive in implementing some of his priorities. Better trade deals, lower government spending, tax reform, and deregulation could be beneficial to Wall Street and Main Street over the long term. It remains to be seen how successful the president will be in implementing his ideas, but here is what we know today and how it could affect you.

The Department of Government Efficiency (DOGE) was created to eliminate wasteful spending and reduce regulation. In theory, this is a good thing—eliminating unnecessary costs can benefit both taxpayers and the economy. But as always, details matter. What one person sees as wasteful spending, another person may see as a necessary program. Understanding how these changes are implemented is key.

At the start of the summer driving season, the average price of regular gasoline in the U.S. reached an all-time high, surpassing $4.50 per gallon. Inflationary pressures, including strong demand, supply chain disruptions, and low inventories, have caused price spikes for many consumer goods. As the cost of filling your tank rises, you’re likely wondering which market factors caused the spike in gasoline prices.