It's safe to say there's been a lot of confusion and even panic in the wake of President Donald Trump's tariff announcement last week — investors are confused, the markets are confused, even the president's Republican colleagues are confused.

But what do these tariffs mean for working people? Especially as many have seen their personal wealth take a sizable hit and their budgets likely be blown to bits.

We discuss what the tariffs could mean for America's finances in the near and far futures with The Washington Post's Michelle Singletary. We also hear from Martha Gimbel of the Budget Lab at Yale about the bigger economic picture.

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