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How easing U.S.-China tariffs could financially impact Americans

By Us - CBSNews.com May 12, 2025 | 8:39 AM

CBS News MoneyWatch correspondent Kelly O’Grady breaks down what to know about the potential financial impact to American consumers after the U.S. and China agreed to temporarily ease tariffs.

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BREAKING THE BUDGET IMPASSE

What should be done to break the impasse in approving Pennsylvania’s budget?

Increase income taxes to pay for more spending.
Draw down the state's rainy day funds to pay for more spending.
Tax the so-called "skill games" machines to pay for more spending.
Legalize recreational marijuana to pay for more spending.
We don't need more spending, we need less! No new taxes!
We do need to increase spending on some programs, but there's plenty of wasteful spending we should cut. No new taxes!
Voting Ends: Oct 7, 2025 | 12:00 PM