How to plan trips as Trump hits travel demand
Many Canadians have decided not to travel in the U.S. as a trade war continues. Forward bookings for flights between Canada and the U.S. in coming months have plunged by as much as 75% compared with the same period in 2024, according to OAG, a global travel data provider. In February, the number of Canadians crossing the land border into the U.S. dropped almost 500,000 compared to the same period last year, according to data from U.S. Customs and Border Protection (CBP) — reaching levels not seen since the height of the Covid-19 border closures. “This is like Covid all over again,” said Len Saunders, an immigration lawyer in Blaine, Wash., which borders the Canadian province of British Columbia, in an interview with CBC News. “With the rhetoric coming from Trump — people just don’t want to come down here.” The number of Canadian residents returning from the U.S. by flights also fell by 13.1% in February, with Air Canada, WestJet and United Airlines announcing cuts to service due to declining demand. “A 10% reduction in Canadian travel could mean 2.0 million fewer visits, $2.1 billion in lost spending and 14,000 job losses,” according to the U.S. Travel Association, which noted that Canada is the top source of international visitors to the country, with 20.4 million visits in 2024. But it’s not just Canada. The Trump administration is also escalating a trade war with the rest of the world, and domestic tourism has also slowed down this year, with Bank of America aggregated card data showing softer lodging, tourism and airline spending. "It could be that the recent drop in consumer confidence is translating into people hesitating to book trips, or considering paring them back. But bad weather and a late Easter this year are also likely playing a part," said the bank. While this will undoubtedly impact Americans working in the tourism and hospitality industry, it could also have impacts on everyday Americans.
Many Canadians have decided not to travel in the U.S. as a trade war continues. Forward bookings for flights between Canada and the U.S. in coming months have plunged by as much as 75% compared with the same period in 2024, according to OAG, a global travel data provider. In February, the number of Canadians crossing the land border into the U.S. dropped almost 500,000 compared to the same period last year, according to data from U.S. Customs and Border Protection (CBP) — reaching levels not seen since the height of the Covid-19 border closures. “This is like Covid all over again,” said Len Saunders, an immigration lawyer in Blaine, Wash., which borders the Canadian province of British Columbia, in an interview with CBC News. “With the rhetoric coming from Trump — people just don’t want to come down here.” The number of Canadian residents returning from the U.S. by flights also fell by 13.1% in February, with Air Canada, WestJet and United Airlines announcing cuts to service due to declining demand. “A 10% reduction in Canadian travel could mean 2.0 million fewer visits, $2.1 billion in lost spending and 14,000 job losses,” according to the U.S. Travel Association, which noted that Canada is the top source of international visitors to the country, with 20.4 million visits in 2024. But it’s not just Canada. The Trump administration is also escalating a trade war with the rest of the world, and domestic tourism has also slowed down this year, with Bank of America aggregated card data showing softer lodging, tourism and airline spending. "It could be that the recent drop in consumer confidence is translating into people hesitating to book trips, or considering paring them back. But bad weather and a late Easter this year are also likely playing a part," said the bank. While this will undoubtedly impact Americans working in the tourism and hospitality industry, it could also have impacts on everyday Americans.
Kevin O'Leary says DOGE could be Trump's best work
“Shark Tank” star Kevin O’Leary has never been one to mince words, and his latest take on Elon Musk’s Department of Government Efficiency (DOGE) is no exception. In a recent interview with Fox Business, O’Leary praised DOGE’s efforts to expose government waste, calling it “the best barbecue” he’s seen. “This is wildly popular because we have a unique situation. You've got Elon Musk with his own international broadcast network. He can publish anything he wants at any time,” O’Leary said. “He goes into these agencies — 48 hours later, puts a list of crazy stuff like you just detailed.” Musk, who owns social media platform X, has been vocal about DOGE’s findings, sharing reports on government spending that some critics call excessive. Some of the expenses DOGE flagged include: $14 million in taxpayer money for “social cohesion” programs in Mali, $40 million for Cambodian women’s empowerment, $10 million for “Mozambique voluntary medical male circumcision” and $14 million for “improving public procurement” in Serbia. For O’Leary, these revelations raise serious questions. “People see it all through the U.S. and around the world and say, ‘This is nuts,’” he said. “And it just fuels — what else is out there?” O’Leary also pointed out that Musk’s ability to spearhead DOGE’s initiatives wouldn’t be possible without “the executive behind him,” referring to President Donald Trump. In the description of his video, O’Leary even stated: “DOGE COULD BE REMEMBERED AS TRUMP’S BIGGEST ACHIEVEMENT.” And according to him, there’s still plenty more to uncover. “There's a lot of tension going on here with the management of these programs, and particularly when we start talking with the FAA and the Pentagon,” O’Leary said. “I mean, oh, baby, wait till that one comes out, because that is always going to be a black hole saying, ‘Well, it's for defense, and I can't tell you what it's for.’ But now there's accountability. There's so much fat dripping off these chickens — this is the best barbecue I've ever seen.” While DOGE’s efforts are making waves in Washington, O’Leary’s analogy about fat dripping off chickens applies to more than just federal spending. Waste exists in businesses, households and personal finances alike. Here’s a look at three areas where you can cut costs in 2025 — and beyond.
“Shark Tank” star Kevin O’Leary has never been one to mince words, and his latest take on Elon Musk’s Department of Government Efficiency (DOGE) is no exception. In a recent interview with Fox Business, O’Leary praised DOGE’s efforts to expose government waste, calling it “the best barbecue” he’s seen. “This is wildly popular because we have a unique situation. You've got Elon Musk with his own international broadcast network. He can publish anything he wants at any time,” O’Leary said. “He goes into these agencies — 48 hours later, puts a list of crazy stuff like you just detailed.” Musk, who owns social media platform X, has been vocal about DOGE’s findings, sharing reports on government spending that some critics call excessive. Some of the expenses DOGE flagged include: $14 million in taxpayer money for “social cohesion” programs in Mali, $40 million for Cambodian women’s empowerment, $10 million for “Mozambique voluntary medical male circumcision” and $14 million for “improving public procurement” in Serbia. For O’Leary, these revelations raise serious questions. “People see it all through the U.S. and around the world and say, ‘This is nuts,’” he said. “And it just fuels — what else is out there?” O’Leary also pointed out that Musk’s ability to spearhead DOGE’s initiatives wouldn’t be possible without “the executive behind him,” referring to President Donald Trump. In the description of his video, O’Leary even stated: “DOGE COULD BE REMEMBERED AS TRUMP’S BIGGEST ACHIEVEMENT.” And according to him, there’s still plenty more to uncover. “There's a lot of tension going on here with the management of these programs, and particularly when we start talking with the FAA and the Pentagon,” O’Leary said. “I mean, oh, baby, wait till that one comes out, because that is always going to be a black hole saying, ‘Well, it's for defense, and I can't tell you what it's for.’ But now there's accountability. There's so much fat dripping off these chickens — this is the best barbecue I've ever seen.” While DOGE’s efforts are making waves in Washington, O’Leary’s analogy about fat dripping off chickens applies to more than just federal spending. Waste exists in businesses, households and personal finances alike. Here’s a look at three areas where you can cut costs in 2025 — and beyond.
Less federal workers could affect your finances
The Trump administration is aggressively focused on cutting costs and reducing the size of government. To that end, President Donald Trump signed an executive order in February, aimed at reducing the federal bureaucracy. Agency heads responded to the executive order, and, in conjunction with efforts by the Department of Government Efficiency (DOGE), more than 50,000 federal workers have been laid off from their positions. Many of these firings have been challenged in court, with several judges issuing injunctions on the firings and ordering workers to be reinstated or placed on administrative leave. However, the Trump administration is appealing these orders, and there is a very real possibility that they will ultimately be able to follow through on their workforce reduction efforts. If the federal workforce does end up being substantially reduced, obviously it will profoundly affect the finances of government workers. However, every American could also find their finances affected by such a move. Here's how your finances — including your retirement and taxes — could be affected.
The Trump administration is aggressively focused on cutting costs and reducing the size of government. To that end, President Donald Trump signed an executive order in February, aimed at reducing the federal bureaucracy. Agency heads responded to the executive order, and, in conjunction with efforts by the Department of Government Efficiency (DOGE), more than 50,000 federal workers have been laid off from their positions. Many of these firings have been challenged in court, with several judges issuing injunctions on the firings and ordering workers to be reinstated or placed on administrative leave. However, the Trump administration is appealing these orders, and there is a very real possibility that they will ultimately be able to follow through on their workforce reduction efforts. If the federal workforce does end up being substantially reduced, obviously it will profoundly affect the finances of government workers. However, every American could also find their finances affected by such a move. Here's how your finances — including your retirement and taxes — could be affected.
O'Leary blasts Canada's 'anti-American rhetoric'
Canadian Prime Minister Mark Carney has taken a hard line on President Donald Trump’s tariff threats, vowing to hit back with retaliatory trade measures designed to inflict “maximum impact” on the U.S. While tensions between the two allies have escalated, “Shark Tank” investor Kevin O’Leary believes Carney’s tough talk is little more than political theatre ahead of Canada’s upcoming federal election. “The anti-U.S. rhetoric is being stirred up by Carney because his party devastated the country over the last 10 years, and the only way he can stay in power is to convince people he's the solution against Trump,” O’Leary said in a March 31 interview with Fox Business. “The rhetoric has never been hotter, and of course he's five weeks away from an election, so he'll stir the pot any way he can.” Canada’s election is scheduled for April 28. O’Leary, who was born in Canada, didn’t hold back in his criticism of Carney and the prime minister’s Liberal Party. “You’ve got to remember, Canada actually only grew under the Liberal Party 1.4% in 10 years. The economy is wiped out,” he said. “One of the reasons Canadians can't go to Florida is, his party wiped out the value of the dollar … Canadians can't afford to go to Disneyland anymore.” O’Leary didn’t cite a source for his growth figure, but Trevor Tombe, professor of economics at the University of Calgary, has noted that Canada’s real GDP per capita grew just 1.4% from Q1 2015 to Q3 2024, based on data from the Organisation for Economic Co-operation and Development. The Liberal Party has been in power since late 2015. As for the loonie (Canadian dollar), it has indeed weakened over the past decade. In April 2015, one Canadian dollar was worth about 81 U.S. cents. Ten years later, it trades closer to 70 cents — a drop of roughly 13.6%. While O’Leary dismisses the tension as election-driven, trade disputes can trigger real geopolitical uncertainty with ripple effects that extend far beyond politics. Markets don’t react well to unpredictability, and we've already seen headlines of trillions in U.S. market value wiped out as Trump pushes forward with tariffs. In times like these, financial experts often recommend taking steps to hedge against uncertainty. Here’s a look at three strategies that can help protect your wealth.
Canadian Prime Minister Mark Carney has taken a hard line on President Donald Trump’s tariff threats, vowing to hit back with retaliatory trade measures designed to inflict “maximum impact” on the U.S. While tensions between the two allies have escalated, “Shark Tank” investor Kevin O’Leary believes Carney’s tough talk is little more than political theatre ahead of Canada’s upcoming federal election. “The anti-U.S. rhetoric is being stirred up by Carney because his party devastated the country over the last 10 years, and the only way he can stay in power is to convince people he's the solution against Trump,” O’Leary said in a March 31 interview with Fox Business. “The rhetoric has never been hotter, and of course he's five weeks away from an election, so he'll stir the pot any way he can.” Canada’s election is scheduled for April 28. O’Leary, who was born in Canada, didn’t hold back in his criticism of Carney and the prime minister’s Liberal Party. “You’ve got to remember, Canada actually only grew under the Liberal Party 1.4% in 10 years. The economy is wiped out,” he said. “One of the reasons Canadians can't go to Florida is, his party wiped out the value of the dollar … Canadians can't afford to go to Disneyland anymore.” O’Leary didn’t cite a source for his growth figure, but Trevor Tombe, professor of economics at the University of Calgary, has noted that Canada’s real GDP per capita grew just 1.4% from Q1 2015 to Q3 2024, based on data from the Organisation for Economic Co-operation and Development. The Liberal Party has been in power since late 2015. As for the loonie (Canadian dollar), it has indeed weakened over the past decade. In April 2015, one Canadian dollar was worth about 81 U.S. cents. Ten years later, it trades closer to 70 cents — a drop of roughly 13.6%. While O’Leary dismisses the tension as election-driven, trade disputes can trigger real geopolitical uncertainty with ripple effects that extend far beyond politics. Markets don’t react well to unpredictability, and we've already seen headlines of trillions in U.S. market value wiped out as Trump pushes forward with tariffs. In times like these, financial experts often recommend taking steps to hedge against uncertainty. Here’s a look at three strategies that can help protect your wealth.
Investment fraud cost Americans $5.7B in 2024
Scammers are getting bolder — and consumers are paying the price. In 2024 alone, fraud cost Americans more than $12.5 billion, a staggering 25% increase from the previous year, according to newly released data from the Federal Trade Commission. Investment scams were the most costly, accounting for $5.7 billion in losses, a 24% increase from the previous year. In comparison, imposter scams, the second most common type of fraud, cost consumers $2.95 billion. So, what kinds of investment scams are causing consumers so much, and how can you protect yourself? Here's what you need to know.
Scammers are getting bolder — and consumers are paying the price. In 2024 alone, fraud cost Americans more than $12.5 billion, a staggering 25% increase from the previous year, according to newly released data from the Federal Trade Commission. Investment scams were the most costly, accounting for $5.7 billion in losses, a 24% increase from the previous year. In comparison, imposter scams, the second most common type of fraud, cost consumers $2.95 billion. So, what kinds of investment scams are causing consumers so much, and how can you protect yourself? Here's what you need to know.
Mortgage rate trends this week
Thirty-year fixed mortgage rates decreased slightly again this week, down from 6.65% last week, to an average of 6.64%. “Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction. This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year,” said Sam Khater, Freddie Mac’s chief economist.
Thirty-year fixed mortgage rates decreased slightly again this week, down from 6.65% last week, to an average of 6.64%. “Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction. This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year,” said Sam Khater, Freddie Mac’s chief economist.
Scott Galloway, Ramit Sethi dispel money myths
Scott Galloway, a serial entrepreneur and NYU professor, recently interviewed Ramit Sethi, bestselling author of “I Will Teach You To Be Rich” on his podcast "The Prof G Show". The two experts set out to dispel common financial myths that can hold Americans back from realizing their wealth goals. For example, when asked whether owning a home is essential for “being rich,” Sethi replied, “no, not necessarily.” His unconventional advice for achieving wealth deviates from mainstream financial guidance and popular belief. Nearly 40% of Americans believe real estate is the best long-term investment, yet Sethi, a self-proclaimed multi-millionaire, doesn’t own a home. So, what gives? This topic is just one of many Sethi addresses — so here are three tips that can be gleaned from his hour-long chat with fellow finance celeb Scott Galloway.
Scott Galloway, a serial entrepreneur and NYU professor, recently interviewed Ramit Sethi, bestselling author of “I Will Teach You To Be Rich” on his podcast "The Prof G Show". The two experts set out to dispel common financial myths that can hold Americans back from realizing their wealth goals. For example, when asked whether owning a home is essential for “being rich,” Sethi replied, “no, not necessarily.” His unconventional advice for achieving wealth deviates from mainstream financial guidance and popular belief. Nearly 40% of Americans believe real estate is the best long-term investment, yet Sethi, a self-proclaimed multi-millionaire, doesn’t own a home. So, what gives? This topic is just one of many Sethi addresses — so here are three tips that can be gleaned from his hour-long chat with fellow finance celeb Scott Galloway.
U.S.-Canada trade war could hit families hard
Canadians and Americans have shared battlefields from Vimy Ridge to Kandahar. But they’re now bracing for an economic war against each other. Canadian economist Mike Moffatt is sounding the alarm about this 150-year old alliance unraveling as Trump’s tariffs reshape public opinion north of the border. “I think it's a combination of we're hurt and angry,” said former advisor to ex-Prime Minister Justin Trudeau on a recent episode of The Prof G podcast. He warned that the trade war could cripple the Canadian economy while also imposing hard costs on ordinary Americans by diminishing U.S. soft power.
Canadians and Americans have shared battlefields from Vimy Ridge to Kandahar. But they’re now bracing for an economic war against each other. Canadian economist Mike Moffatt is sounding the alarm about this 150-year old alliance unraveling as Trump’s tariffs reshape public opinion north of the border. “I think it's a combination of we're hurt and angry,” said former advisor to ex-Prime Minister Justin Trudeau on a recent episode of The Prof G podcast. He warned that the trade war could cripple the Canadian economy while also imposing hard costs on ordinary Americans by diminishing U.S. soft power.
How Donald Trump's tariffs hurt American farmers
President Donald Trump’s tariff threats has American crop farmers facing a precarious situation. In early March, Trump imposed 25% tariffs on imports from Canada and Mexico (10% for energy products, critical minerals and potash) that are not compliant with the United States-Mexico-Canada Agreement (USMCA). Many other tariff announcements and threats have been made since, but potash is one product of particular interest to farmers. Potash is a key fertilizer ingredient widely used by U.S. crop growers, and around 80% of potash imports come from Canada, according to government data. Canada produces more potash than any other country in the world. Potentially slapping tariffs on this farming product has experts worried about farmers facing further financial struggles, which may lead to increased consumer costs. Here’s why.
President Donald Trump’s tariff threats has American crop farmers facing a precarious situation. In early March, Trump imposed 25% tariffs on imports from Canada and Mexico (10% for energy products, critical minerals and potash) that are not compliant with the United States-Mexico-Canada Agreement (USMCA). Many other tariff announcements and threats have been made since, but potash is one product of particular interest to farmers. Potash is a key fertilizer ingredient widely used by U.S. crop growers, and around 80% of potash imports come from Canada, according to government data. Canada produces more potash than any other country in the world. Potentially slapping tariffs on this farming product has experts worried about farmers facing further financial struggles, which may lead to increased consumer costs. Here’s why.
Egg prices are cracking — but not for long
Grocery shoppers have been forced to scramble since egg prices have been consistently high. With the cost of Grade A eggs hitting a record high of $5.90 per dozen in February, many consumers have had eggs on their faces. This was the highest price consumers had ever paid for eggs, nearly double what they had paid the previous year. Some relief may finally be on the way, as the wholesale egg prices have started to fall. However, Easter and a lag between the changes in wholesale and consumer prices may mean that relief doesn't come immediately for frustrated grocery shoppers, many of whom have struggled with high food inflation since the pandemic.
Grocery shoppers have been forced to scramble since egg prices have been consistently high. With the cost of Grade A eggs hitting a record high of $5.90 per dozen in February, many consumers have had eggs on their faces. This was the highest price consumers had ever paid for eggs, nearly double what they had paid the previous year. Some relief may finally be on the way, as the wholesale egg prices have started to fall. However, Easter and a lag between the changes in wholesale and consumer prices may mean that relief doesn't come immediately for frustrated grocery shoppers, many of whom have struggled with high food inflation since the pandemic.
Moneywise Digest