Ports showing the impact of Trump's tariffs
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From Marketplace, I'm Sabri Beneshour, in for David Brancaccio. President Donald Trump wants to institute a 100% tariff on films made outside of the United States. He made the announcement on Truth Social yesterday, ordering his administration to figure out how to tax something that is not a physical good. Marketplace's Nova Sappho has more.

There are a lot of questions about President Trump's film tariffs. For one thing, he appears to want import taxes on films, but not TV series. He only referenced movies in his post and in subsequent comments to reporters. We don't know how long it will take to implement the tariffs or how value will be calculated and taxed.

What we do know is that the president is aiming at the financial incentives other countries offer to lure film and TV production. Those incentives have worked. A lot of production has moved to Canada, the UK, Australia, and New Zealand, among other places. Los Angeles-area film production fell nearly 6% last year, its second least productive year after 2020, according to Film LA.

The state of California is exploring ramping up its own tax incentives to better compete. I'm Novosafo for Marketplace. It has now been almost a month since President Trump announced he was raising import taxes on all Chinese goods to 145 percent. That was back on April 9th. And the consequences are starting to show up. One place you can see them is at U.S. ports. Marketplace's Samantha Fields has more.

Almost as soon as Trump raised tariffs on China, U.S. importers started canceling orders. James Knightley, chief international economist at ING, says cargo ships that left China after that date are much emptier, and there are many fewer of them. Given it takes about 20 to 30 days to arrive across the Pacific, we could be seeing the drop-off in arrivals coming through this week. It'll likely be at least a few more weeks before goods from those ships make it onto shelves.

There is real concerns as we approach the summer. You could see some shortages of products in the shops. Shortages and higher prices for almost everything you can still get.

Rob Hanfield at North Carolina State University says we'll be dealing with this for months at least. In many industries, people are ordering now for next Christmas. The planning and the ordering takes place nine months to a year ahead of when they're actually sold at the store. He says the supply shock from tariffs could be worse than from the pandemic. I'm Samantha Fields for Marketplace.

Thank you.

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Nearly half of people who are 50 years or older and who have credit card debt use their cards to pay for basic living expenses. That is according to a survey from AARP. And the trouble with credit card debt is, of course, that it is easy to accumulate and hard to get rid of, but there are strategies to get it down that work. In the next installment of our series, Buy Now, Pay Later, Marketplace's Senior Economics Contributor Chris Farrell reports. This is an accessible apartment, so...

Cheryl Hines is 74 years old, and she's quick with a smile. Hines, like the ketchup she tells me laughing, lives in an apartment in a 55-plus complex on the outskirts of the Twin Cities. She moved into the high-rise about a decade ago. She was a nurse for much of her career. She also worked in physical therapy, domestic abuse, and as a receptionist.

Heinz has credit card debt. When I married, it was very traditional, and my ex-husband controlled a lot of the finances, and it was kind of a very traditional marriage. And then when I divorced, I was not very good at handling money. And so I had to learn, and then with some dental issues and stuff like that, I got into debt, and it was easy to put things on credit cards. Heinz lives on a fixed income, Social Security, and a small pension.

She turned to Lutheran Social Services, a faith-based health and human services organization, for help with her debt. Kim Miller is Senior Program Manager of Partnerships in Financial Education with Lutheran Social Services.

Over 30% of the clients that we are seeing recently are 55 and older. So it's one out of every three people that we see would be considered in that category. Miller says people often have a good mental picture of their finances. They know how much money is coming in and how much is going out. But something happens, a divorce, medical issues, death of a spouse, and they find themselves in debt.

High prices for groceries and other basics also upended budgets during the recent surge in inflation rates. There's a lot of expenses that even when you're on a fixed income, it's hard to maintain, like property taxes and homeowners insurance continue to go up, which then affect then people's ability to have for discretionary spending. And then they turn to credit card debt to be able to float the difference. High

Heinz entered a debt repayment plan with Lucerne Social Services. A credit counselor negotiated a lower rate for Heinz, and she agreed to automatic monthly payments to her creditors funneled through the nonprofit. Heinz is relieved. It has helped me to realize that you don't have to fill a loan, that there is help. For those looking for assistance, it's critical to work with a reputable nonprofit credit counseling service.

Tanya Brinson is founder of SLAP Financial Consulting. SLAP stands for Sounds Like a Plan.

And I also encourage the older population to contact a nonprofit credit counseling organization to help build a plan or negotiate with the creditors. I refer them to speak to a trusted advisor. Finance experts like Brinson recommend getting in touch with the National Foundation for Credit Counseling. The nonprofit will refer you to vetted credit counseling services in your area. I'm Chris Farrell for Marketplace.

Our Buy Now, Pay Later project is in partnership with Next Avenue, a nonprofit news platform for older adults produced by Twin Cities PBS. In New York, I'm Sabri Beneshour with the Marketplace Morning Report. From APM, American Public Media.

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