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Yahoo
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- Yahoo
3 Side Gigs That Could Struggle in a High-Tariff Economy
The world is bracing for a changing economy as many of President Trump's new tariffs go into effect. Not only will these added costs on imports hurt Americans' wallets, they could make earning money in the gig economy harder, too. Consider This: Read Next: Trump announced on Wednesday, July 16 that he would send a letter implementing tariffs on goods from 150 smaller countries. Tariffs with larger trade partners, including Mexico, the European Union and Canada would also go into effect on August 1. Tariffs already in effect include a 25% tariff on vehicle import and auto parts, a 30% tariff on many Chinese imports, and up to 50% on steel and aluminum, according to NewsNation. These tariffs will affect prices on consumer goods, which, in turn, could hurt small businesses and gig workers. GOBankingRates spoke with Keith Spencer, career expert at Resume Now, to find out which gig workers could be hit hardest by tariffs in 2025. Rideshare and Delivery Drivers Drivers for companies like Uber and Lyft could feel the sting of tariffs on oil imports, motor vehicles and car parts, which would increase their business costs. 'Fuel, tires and parts, many of which are imported, become more expensive,' Spencer said. At the same time, demand might decrease. Faced with rising costs, people might forgo little luxuries like ordering DoorDash or having their groceries delivered via InstaCart. 'In a high-tariff economy, side gigs that rely heavily on consumer convenience tend to struggle first,' Spencer said. 'When prices rise, people naturally start cutting back on discretionary spending. That often impacts gig workers who depend on steady, high-volume demand.' Learn More: Task-Based Gigs and Home Help People who have been making money doing random tasks around the home through services like TaskRabbit may struggle to find customers. People who assemble furniture, mount TVs or perform small contracting and handyman tasks around the home will likely feel the impact of tariffs. People may choose to complete these tasks on their own rather than hiring someone. Plus, Spencer said, 'If the price of imported goods like furniture or electronics increases, people may delay or avoid those purchases. That naturally reduces demand for anyone offering services to set them up. Even when demand is steady, the cost of tools and materials often rises, which means gig workers are spending more out of pocket just to do their jobs.' Online Resellers If you've been earning money through eBay, Facebook Marketplace or affiliate sales, you may want to brace yourself for reduced sales and shrinking profit margins. 'If your side hustle involves sourcing products from overseas, such as electronics, clothing or beauty items, you may see your margins shrink,' Spencer said. 'Tariffs raise the base cost of goods, and consumers may push back on higher prices. That combination makes it harder for solo sellers to compete or stay profitable.' What To Do Instead While some gig workers may struggle, it doesn't mean the gig economy is dead. 'Not all side gigs are equally vulnerable,' Spencer said. Pointing to recent data from Resume Now, he noted that administrative support roles saw a 10% pay increase in the first quarter of 2025. Remote healthcare support has seen 70% year-over-year growth, based on further Resume Now data. 'Workers who want to future-proof their income in a high-tariff or high-cost economy might consider transitioning into roles that are both essential and automation-resistant,' Spencer advised. 'The side gigs most likely to succeed in a high-tariff economy are those that meet essential needs, help others cut costs, or can be performed remotely.' More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 7 Luxury SUVs That Will Become Affordable in 2025 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on 3 Side Gigs That Could Struggle in a High-Tariff Economy Sign in to access your portfolio
Yahoo
10 minutes ago
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Trump, Carney to speak soon, Canadian official says
WASHINGTON (Reuters) -President Donald Trump and Canadian Prime Minister Mark Carney will likely talk "over the next number of days" after the U.S. imposed a 35% tariff on goods not covered by the U.S.-Mexico-Canada trade agreement, a Canadian official said on Sunday. Dominic LeBlanc, the federal cabinet minister in charge of U.S.-Canada trade, told CBS News' "Face the Nation" that he believes there is an option of striking a deal that will bring down tariffs.
CNN
12 minutes ago
- CNN
Sen. Booker was asked about Democrats' credibility. Hear his response
Sen. Cory Booker speaks with CNN's Manu Raju on Democrats' regaining credibility and how they can fight back against President Trump.
