Shumita Basu

But lots of economists, from more liberal ones to more conservative ones, are waving red flags, saying the math just doesn't add up. Here's some reaction from CNBC's Jim Cramer on CNN yesterday.

Global reaction to the tariffs has been mixed. China quickly retaliated, hitting all U.S. imports with a 34 percent tariff. But The Wall Street Journal reports that other countries for the moment aren't jumping to retaliatory measures. The prime minister of Australia, for example, said his country wouldn't join a, quote, race to the bottom by retaliating.

Global reaction to the tariffs has been mixed. China quickly retaliated, hitting all U.S. imports with a 34 percent tariff. But The Wall Street Journal reports that other countries for the moment aren't jumping to retaliatory measures. The prime minister of Australia, for example, said his country wouldn't join a, quote, race to the bottom by retaliating.

Global reaction to the tariffs has been mixed. China quickly retaliated, hitting all U.S. imports with a 34 percent tariff. But The Wall Street Journal reports that other countries for the moment aren't jumping to retaliatory measures. The prime minister of Australia, for example, said his country wouldn't join a, quote, race to the bottom by retaliating.

Likewise, Japan and India, which both face tariffs upwards of 20 percent, have so far indicated no plans to invoke their own tariffs back at us. Today, American leaders and economists are watching for two key moments, a jobs report out this morning and later a speech on the economic outlook by Fed Chair Jerome Powell, particularly after the worst day for the markets in five years.

Likewise, Japan and India, which both face tariffs upwards of 20 percent, have so far indicated no plans to invoke their own tariffs back at us. Today, American leaders and economists are watching for two key moments, a jobs report out this morning and later a speech on the economic outlook by Fed Chair Jerome Powell, particularly after the worst day for the markets in five years.

Likewise, Japan and India, which both face tariffs upwards of 20 percent, have so far indicated no plans to invoke their own tariffs back at us. Today, American leaders and economists are watching for two key moments, a jobs report out this morning and later a speech on the economic outlook by Fed Chair Jerome Powell, particularly after the worst day for the markets in five years.

On Fox News earlier this week, Vice President J.D. Vance was asked how Americans who are sitting at home worried about their bank accounts should prepare.

On Fox News earlier this week, Vice President J.D. Vance was asked how Americans who are sitting at home worried about their bank accounts should prepare.

On Fox News earlier this week, Vice President J.D. Vance was asked how Americans who are sitting at home worried about their bank accounts should prepare.

He went on to blame Joe Biden for our economic woes.

He went on to blame Joe Biden for our economic woes.

He went on to blame Joe Biden for our economic woes.

Meanwhile, there are broad consequences for some of the world's smallest and poorest nations. Reuters reports on the impact to Lesotho, a small African nation that Trump ridiculed as a country nobody has ever heard of last month in his joint address to Congress. The administration placed a whopping 50% reciprocal tariff on the country, the highest on the list.

Meanwhile, there are broad consequences for some of the world's smallest and poorest nations. Reuters reports on the impact to Lesotho, a small African nation that Trump ridiculed as a country nobody has ever heard of last month in his joint address to Congress. The administration placed a whopping 50% reciprocal tariff on the country, the highest on the list.

Meanwhile, there are broad consequences for some of the world's smallest and poorest nations. Reuters reports on the impact to Lesotho, a small African nation that Trump ridiculed as a country nobody has ever heard of last month in his joint address to Congress. The administration placed a whopping 50% reciprocal tariff on the country, the highest on the list.

Exports to the U.S., primarily diamonds and textiles, make up more than 10% of Lesotho's GDP — An economist told Reuters that the tariffs will effectively kill the textile industry in the country. Due to the formula the administration used to calculate percentages, some of the poorest nations are facing the highest tariffs.

Exports to the U.S., primarily diamonds and textiles, make up more than 10% of Lesotho's GDP — An economist told Reuters that the tariffs will effectively kill the textile industry in the country. Due to the formula the administration used to calculate percentages, some of the poorest nations are facing the highest tariffs.

Exports to the U.S., primarily diamonds and textiles, make up more than 10% of Lesotho's GDP — An economist told Reuters that the tariffs will effectively kill the textile industry in the country. Due to the formula the administration used to calculate percentages, some of the poorest nations are facing the highest tariffs.

Reuters also explains how some largely uninhabited territories and islands are facing tariffs, with some joking about penguins having to pay the cost. Now, if you are feeling nervous about the possibility of a recession, you're not alone. But it's not too soon or too late to start preparing your finances so you're in the best possible position.