You’re paying for Trump’s Greenland fixation

Quick question: Are you ready to pay 25% more for French cheese? Because that's where we're headed. This week's financial news reads like fiction, but it'll show up in your bank account very soon. Time to get ahead of it.

President Trump just announced new tariffs on eight European countries, escalating from 10% on February 1 to 25% by June 1. Affected countries include Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Great Britain.

The reason? To pressure Denmark into selling Greenland to the United States.

U.S.-imposed tariffs are taxes on domestic consumption, so costs go to U.S. taxpayers and businesses. Not Denmark. Not Europe. You.

Every imported European product you buy, whether they’re German cars, French cheese, British pharmaceuticals, Norwegian seafood… expect all of them to now cost more in 2026. And those costs don't just hit wealthy consumers. They cascade through supply chains, affecting grocery prices, manufacturing costs, and business expenses that eventually reach every American household.

What you can do as a US consumer:

✅ Stock up strategically before February 1: If you regularly buy European products, consider purchasing before the first tariff hike. A 10-25% price increase is significant enough to make advance buying worthwhile for non-perishables.

✅ Look for alternative sources: Many products have non-European alternatives. Check labels and explore brands from countries not affected by these tariffs. Your grocery bill doesn't have to absorb the full impact if you're willing to switch.

✅ Watch your mortgage and loan rates: The yield of the 10-year Treasury note jumped nearly 0.10 percentage points over the weekend, a big move that directly affects mortgage rates. If you're planning to buy a house or refinance, lock in rates sooner rather than later before tariff uncertainty drives them higher.

✅ Review your investment portfolio: Tariff uncertainty creates market volatility. If you're heavily invested in companies that rely on European imports or exports, consider whether your portfolio needs rebalancing. International diversification matters more when trade policy becomes unpredictable.

✅ Adjust your budget expectations: Plan for higher costs on affected goods in the coming months. If European products are part of your regular spending, add 10-25% to those line items in your budget to avoid surprises.

What do you do whenever you’re asked during a job interview: "Tell me about a time you failed."

You risk either oversharing about a genuine disaster or delivering the cringe-worthy humblebrag about "caring too much."

But here's a smarter framework that works for this type of question: stop thinking about failures. Start thinking about first drafts 👇

More than 8 in 10 retiree households (83%) will face unplanned expenses in any given year, according to new research.

Among households that do experience unexpected expenses, the average annual amount spent across retirement is $6,000. Measured another way, the typical household will spend an amount equivalent to 10% of its yearly income.

Yet most retirees don't have the cash buffer to handle it. While roughly 58% have enough cash to cover unplanned costs for a single year, around 16% would have to tap their 401(k) or other retirement accounts and the rest (about 27%) would fall short even after using all their cash and retirement assets.

Bottom line: About 40% of retired households do not have enough cash to cover even a single year of unplanned expenses, let alone their whole retirement.

How to prevent this if you're worried about your future:

✅ Start building your buffer now: Even small amounts matter. Set up an automatic transfer to a high-yield savings account earning 3%+ interest to minimize inflation's impact on your cash.

✅ Plan for one year of core expenses: Calculate what you'll need annually after Social Security and pensions, then aim to have that amount accessible in cash before you retire.

✅ But don't overdo it: Keeping more than two years of expenses in cash means you're losing to inflation and missing out on investment growth. Strike a balance.

✅ Categorize your risks: Ask yourself: Can I cover a $10,000 home repair? Six months of unexpected medical costs? Helping a family member in crisis? Build your emergency fund around these specific scenarios, not vague "rainy day" thinking.

✅ Test your readiness: If you're already retired and unsure whether you have enough cash on hand, run the numbers. Could you handle that $6,000 average annual surprise without touching your 401(k) or selling investments when the market is down?

Most people assume life insurance death benefits are completely tax-free. Generally, as a beneficiary of a life insurance policy, you are not required to report the proceeds as taxable income to the IRS.

But there are critical exceptions that could leave your loved ones with an unexpected tax bill.

When life insurance becomes taxable:

👉 The installment trap: While the death benefit itself is tax-free when distributed in installments (called a life insurance annuity), any interest that accrues should be reported on your tax return as income.

👉 The three-person problem: If the beneficiary, policyholder, and insured are all different people, the IRS views the insurance policy as a gift, which becomes taxable if the total benefit amount exceeds the annual gift exclusion limit.

👉 The estate tax trigger: If your estate is the beneficiary of your life insurance policy, it could trigger estate taxes when the death benefit pushes the estate's value over certain thresholds. While the federal threshold is $13.99 million for 2025, state thresholds can be much lower.

👉 Employer group life over $50,000: If business owners extend group life insurance benefits to employees over $50,000, that payout is regarded as taxable income by the IRS.

Hyper-relevant news. Bite-sized stories. Written with personality. And games that’ll keep you coming back.

Morning Brew is the go-to newsletter for anyone who wants to stay on top of the world’s most pressing stories — in a quick, witty, and actually enjoyable way. If it impacts your career or life, you can bet it’s covered in the Brew — with a few puns sprinkled in to keep things interesting.

Join over 4 million people who read Morning Brew every day, and start your mornings with the news that matters most — minus the boring stuff.

Check it out

💼 The billionaire who holds quarterly family money meetings. From growing up in poverty to building a $3.8 billion fortune, one man now teaches his kids about wealth management through regular family financial meetings and proving that talking openly about money might be the real secret to generational wealth. Read his money philosophy »

📋 The biggest tax stories to watch in 2026. The IRS lost a quarter of its staff and half of remaining workers were furloughed during a critical six-week shutdown before filing season. Expect delays on 200+ million tax returns, plus major battles over tariff authority, Trump's proposed $2,000 tax rebate, and expired ACA premium tax credits. See what to watch »

🏦 Banks report deposits over $10,000 to the IRS. It's required under the Bank Secrecy Act to prevent money laundering. The good news? Reporting is routine and doesn't mean you're under investigation. As long as the money is legitimate, you're fine. Understand the rules »

💵 The dollar is sinking as markets react to tariff threats. Gold hit a record $4,684 per ounce while the dollar dropped against major currencies. Some analysts warn that threats to the dollar's reserve currency status could have serious economic consequences. See what's at stake »