Tariffs, China's Demographic Crash, and a Fed Showdown

4 Things To Know This Afternoon · Jan 19, 2026 · 1m

New data shows Americans paying the price for tariffs: According to reporting cited by the Wall Street Journal, roughly 96 percent of tariff costs have been paid by American consumers, not foreign companies. While tariff revenue has helped reduce the federal deficit, wage growth has slowed and prices have risen on affected goods. A pending Supreme Court ruling could force massive reimbursements if the tariffs are ruled unconstitutional. China's population collapse accelerates as birth rates hit historic lows: China's birth rate fell another 17 percent, marking the lowest number of births…