INDIANAPOLIS (WISH) — Here’s a look at Monday’s business headlines with Jane King, who talks about tumbling U.S. tourism, falling mortgage rates, and which grocery items cost more than they did before.
Trump’s tariff plan could lead to refunds
Treasury Secretary Scott Bessent says he is “confident” P:resident Trump’s tariff plan “will win” at the U.S. Supreme Court, but warns the U.S. would be forced to issue massive refunds if it loses.
National Economic Council Director Kevin Hassett noted that there are “other legal authorities” that the administration could use if the tariffs are blocked.
Before court action, Trump’s tariffs were set to affect nearly 70% of U.S. imports.
Mortgage rates tumble
Mortgage rates took their biggest single-day drop in more than a year, following the downbeat August jobs report.
The average fixed 30-year mortgage rate stood at 6.29% as of Friday — that’s the lowest rate since last fall and well down from a 7.04% high point in January of this year.
The U.S. added 22-thousand jobs in august, less than expected.
Americans paying more for coffee and eggs
Coffee and egg prices surged in August, while butter and cookies plummeted, new data shows.
The August ConsumerAffairs Datasembly Shopping Cart index showed spikes from August 2024 to August 2025 of 22% for whole bean coffee, 20% for organic eggs and nearly 9% for bacon.
The cost of milk, peanut butter, rice appear to be holding steady.
More tourists skipping trips to US
The United States stands to lose about $30 billion in international tourism this year, as the country’s political environment and strong dollar continue to deter foreign travelers from visiting.
The World Travel & Tourism Council says Canadians are spending their money domestically or bypassing the U.S. to go to Latin America and the Caribbean.
More western Europeans are going to the Middle East, while southeast Asians show rising interest in Europe, the council says.
The latest social media trend is “The Great Lock In.”
The trend pushes participants to be hyper-disciplined and chip away at their annual goals between now and December.
The monthslong challenge, which strongly resembles last year’s “Winter Arc” challenge, aims to encourage self-improvement and personal momentum after “summer indulgence,” according to Fast Company.
