By John Towfighi, CNN

New York (CNN) — President Donald Trump’s proposal for a one-year 10% cap on credit card interest rates has struck a chord in debates about affordability — and set up a potential clash with Wall Street.

A rate cap could offer short-term relief, though it’s unclear if it would meaningfully address the root cause of affordability concerns.

But it could also lead card issuers to restrict credit availability and rewards, potentially hurting consumer spending and economic growth.

“An interest rate cap would restrict access to credit to those who need it the most and, frankly, would have a deleterious impact on the economy,” Mark Mason, the chief financial officer at Citigroup, said on a call with reporters on Wednesday.

But advocates for reform say a cap could save Americans tens of billions a year.

“The banks are just scrambling because this is their cash cow and suddenly people are paying attention to the fact that they are charging way too much on credit cards,” said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator.

A long-debated proposal

The 10% rate cap proposal is the president’s latest attempt to address Americans’ concerns about affordability, as the US midterm elections approach later this year. He had touted the proposal on the campaign trail in 2024.

The current average credit card rate is 19.64%, according to Bankrate.

Lawmakers have discussed such a cap before. Populist lawmakers like Independent Sen. Bernie Sanders, GOP Sen. Josh Hawley and Democratic Rep. Alexandra Ocasio-Cortez at different times have all sponsored bills capping rates at different percentages.

It’s unclear how Trump could achieve that cap, which he said he wants to go into effect by January 20. Legislation would require Congress to act; voluntary participation would need buy-in from card issuers.

The White House did not respond to requests for comment.

“This is an old idea, and it’s a very bad idea,” former Republican Sen. Pat Toomey told CNN.

“It seems like it’s a way to be able to say, ‘Look what I’m doing about affordability. I’m making your credit cards more affordable.’ But it’s not going to work,” Toomey said. “What it’s going to result in is people having less access to credit, period.”

Wall Street demurs

Setting card interest rates is part of the bread-and-butter model for major banks and credit card companies.

“If you bring the caps down, you’re going to constrict credit, meaning less people will get credit cards and the balance available to them on those credit cards will also be restricted,” Brian Moynihan, the chief executive at Bank of America, said on his company’s earnings call on Wednesday.

“You have to balance that against what you’re trying to achieve on the affordability. We’re all in for affordability,” Moynihan said. “That cap, you will see unintended consequences of that.”

Executives at Citi and JPMorgan Chase were upfront about their opposition to a rate cap.

“A rate cap is not something that we can support,” said Jane Fraser, chair and CEO of Citigroup, on the company’s earnings call Wednesday. “And I think the reception from the Hill also seemed less than enthusiastic from what we could tell.”

Jeremy Barnum, CFO at JPMorgan Chase, said on a call with reporters Tuesday that “everything is on the table” in responding to the proposal.

Steve Biggar, director of financial services research at Argus Research, told CNN that banks could look to create offerings with lower rates to find middle ground with the administration. But ultimately, banks would reject a rate cap, he said.

By Rachel Tashjian, CNN

(CNN) — TikTok influencers no longer have us blindly following a dizzying slate of microtrends – cottagecore one week, dark academia the next, the mob wife aesthetic days later. In place of the churn of trends and overconsumption, a new mindset is emerging: the search for personal style. Finding your personal style, the thinking goes, allows you to shop more confidently and less frequently. By looking more skeptically at fast fashion and fancy labels, you can rise above the whims of brand marketing – and find contentment with pieces that speak, uniquely, to you.

But the search for personal style has become a complicated affair. Methods include distilling your entire being into three words, holding various colors up to your face and declaring yourself a “cool autumn,” or even quitting shopping for a year – should it all be so difficult?

Of course not! We asked stylish figures from in and out of the fashion world for the practices that have helped them figure out what to wear. Some of these people are maximalists, some committed minimalists, others wear nearly the same thing every day. But all have one thing in common: they always feel great in their clothes. Here’s 10 ways you can, too.

1. Go through every single thing hanging in your wardrobe and wear it

If you’re guilty of the classic “closet full of clothes and nothing to wear” feeling, start from the left side of your wardrobe and commit to wearing each item every day. Note how you feel in it: is it uncomfortable? Too stiff? Maybe you should save it for evening wear or chuck it altogether. Did you receive compliments you didn’t expect?

You’ll get a clearer view of what does and doesn’t work, as well as what you’re missing – maybe you’ll see you have zero white collared shirts that would make your sweaters look spiffier, or you simply don’t have enough color and need a few punchy pairs of socks.

2. Let your passions direct you

“Good personal style requires some expertise,” said Noah Johnson, editor-in-chief of streetwear publication, Highsnobiety. “Skating made me an expert on certain things: sneaker design, how pants fit, being outside in the city for entire days with nothing to do but skate. Everyone has some form of expertise. Those are the things that inform a personal style.”

3. Look more than you buy

Go into stores (or scroll through them) not only when you need a new dress for a wedding or a tie for an interview. Embrace the pleasures of browsing, and even try things on, with the goal of learning what you like instead of acquiring more things. (Importantly, don’t let this tip into doomscrolling. Research is good – mindlessly thumbing through every arrival on a resale site, less so.)

4. Let your life and aspirations inform your style

“Personal style isn’t something you find overnight. It’s something you arrive at,” said Amanda Murray, a New York-based creative consultant and extravagantly well-dressed person. “Over time, through living, failing, heartbreak, love, wanting, shedding, you begin to understand what feels true on your body and what doesn’t.”

Jalil Johnson, writer of the fashion Substack “Consider Yourself Cultured,” took the idea a step further, saying that personal style wasn’t just a reflection of your life up to this point, but “the life you’re aspiring to or think you deserve.” Johnson added that “much like our ever-evolving and changing lives, our style evolves too, and that evolution is not only natural, but necessary.”

In short, let the changes in your life influence your clothes – the trouser cut that feels right for now may feel less comfortable or sharp in a few years, when you have a new job or move to a new town.

5. Don’t pay too much attention to celebrities and influencers

“I th

By Auzinea Bacon, CNN

(CNN) — In 2024, US buyers had a choice of three cars priced under $20,000. Now, there are none.

Data on car-buying costs released Monday show how much the loss of cheaper models can hurt customers: New car buyers paid $50,326 on average in December, a record high, according to estimates from Kelley Blue Book, a Cox Automotive brand. Car buying site Edmunds also reported a record (though slightly lower) average price of $49,466.

Both estimates mean many buyers are paying far more than $50,000 and will continue to do so moving forward.

The high average price isn’t just due to automakers’ high sticker prices or buyers’ demands for larger, more expensive models. It’s partly driven up by fewer and fewer cheap options for new car buyers.

The most recent casualty was the Nissan Versa, which first went on sale nearly 20 years ago with a starting price of about $12,550. Nissan ended production of the Versa in December.

The lack of low-priced options could put owning a car out of reach for many people, another example of an affordability crisis that’s squeezed Americans. And the contrast with booming luxury auto sales underscores the K-shaped economy that’s left the wealthy spending freely while lower-income people struggle.

“As we hack away at these entry-level vehicles not being available, you can say that virtually every car on the road that is brand new with those dealer plates is a ‘luxury purchase,’” said Ivan Drury, the director of insights at Edmunds.com.

Concerns about car affordability have pervaded the market since the pandemic, when prices rose due to supply chain constraints.

“(The pandemic) fundamentally restructured pricing dynamics,” Erin Keating, executive analyst at Cox Automotive, said during an end-of-year webinar about the car market on December 17. The higher numbers are “now the new baseline,” she added.

Slim pickings in the new car market

The 2025 Nissan Versa, which was priced at about $18,000 in October, was the last car model to fall under $20,000, according to Ivan Drury, the director of insights at Edmunds.com.

The Mitsubishi Mirage, which was discontinued in August 2024, was priced at about $18,000; the Kia Forte, which Kia essentially replaced with the more expensive K4, was discontinued after the K4’s announcement in March 2024.

Those cars were largely produced abroad, where wages for autoworkers are cheaper. President Donald Trump’s 25% tariffs on imported cars and auto parts have raised costs for automakers, although many companies have eaten most of the billions in additional costs because of concerns that consumers would reject price increases and delay purchases, Drury said. The tariff costs likely doomed the least expensive models, which had thin margins to begin with.

The least expensive new car today is the 2026 Hyundai Venue, which has a manufacturer’s suggested retail price of $20,550, according to Edmunds.

Affordable cars like the Versa, which may not sell in profitable volumes, are more likely to be cut from automakers’ lineups while leaving other affordable models on the market, said Drury. Competing automakers, like Toyota, stand to gain customers who will prioritize a less expensive, entry-level vehicle over brand loyalty, he added.

The K-shaped economy hits car dealerships

Car dealers are increasingly worried that lower-income consumers are being excluded from the market, as a wealthier group of buyers sustain car sales, warned Keating.

Buyers who can’t afford new cars are opting to buy used vehicles or holding onto their current cars for longer, Keating said. But Americans who can’t afford a car at all will face more hurdles when returning to work, running errands and ch

By Ariel Edwards-Levy, Jennifer Agiesta, Edward Wu, CNN

(CNN) — Public opinion on nearly every aspect of President Donald Trump’s first year back in the White House is negative, a new CNN poll conducted by SSRS finds, with a majority of Americans saying Trump is focused on the wrong priorities and doing too little to address cost of living.

A majority, 58%, calls the first year of Trump’s term a failure.

There’s hardly any good news in the poll for Trump or the Republican Party entering a critical midterm year, with the president’s handling of the economy looming as the defining issue in key House and Senate races.

Asked to choose the country’s top issue, Americans pick the economy by a nearly two-to-one margin over any other topic. The poll suggests Trump is struggling to prove that he’s addressing it. And it finds broad concerns over Trump’s use of presidential power and his efforts to put his stamp on American culture.

Views of economic conditions have remained stable — and largely negative — for the past two years, with about 3 in 10 rating the economy positively. What’s changed in the latest poll is the increased pessimism about the future: Just over 4 in 10 expect the economy to be good a year from now, down from 56% just before Trump was sworn in last January.

A 55% majority say that Trump’s policies have worsened economic conditions in the country, with just 32% saying they’ve made an improvement. Most, 64%, say he hasn’t gone far enough in trying to reduce the price of everyday goods. Even within the GOP, about half say that he should be doing more, including 42% among Republicans and Republican-leaners who describe themselves as members of the “Make America Great Again” movement.

Much of the public doubts that Trump is prioritizing their interests. Just 36% now say he has had the right priorities, down from 45% near the beginning of his term. Only one-third of Americans now say they believe that Trump cares about people like them, down from 40% last March and the worst rating of his political career.

Only 37% say that Trump puts the good of the country above his personal gain, and 32% say that he’s in touch with the problems ordinary Americans face in their daily lives. That includes more than one-quarter of those who approve of Trump’s presidency overall but don’t feel he’s in touch with their problems.

“Even if he is doing some good in areas, he comes across very self-seeking and (shows a) lack of caring about the common good of our citizens,” wrote one person, an independent from Oklahoma, who responded to the poll.

Fewer than half say that Trump has the stamina and sharpness to serve effectively, and just 35% call him someone they’re proud to have as president.

Trump retains his base but has little support beyond it

Trump’s overall job approval rating now stands at 39%, with public opinion on nearly every aspect of his presidency stagnating in the negative. His ratings, which held around 48% last February, declined within the first 100 days of his second term, and have since remained in the low 40s or high 30s.

In some ways, Trump now faces a political situation not dissimilar from his predecessor, former President Joe Biden, who also struggled to convince Americans he was tackling economic concerns.

In contrast to Biden, who garnered more tepidly positive ratings even among many Democrats, Trump retains robust support within his own base. Nearly 9 in 10 Republicans approve of Trump’s performance, and roughly half strongly approve. Among self-de

By Simone McCarthy, CNN

Beijing (CNN) — Canadian Prime Minister Mark Carney hailed a new “strategic partnership” with China during a meeting with leader Xi Jinping Friday, as the US ally took steps to reset ties with Beijing in the face of historic friction with Donald Trump.

Canada would ease tariffs on Chinese electric vehicles and expected China to significantly reduce barriers tariffs on Canadian canola seed later this year, Ottawa said in a statement after the meeting – in a major step to ease long-standing trade tensions.

Carney is the first Canadian prime minister to visit since 2017, a year before relations between the two cratered after Canada arrested an executive from Chinese telecoms giant Huawei at the request of the US, and Beijing imprisoned two Canadian citizens shortly after.

The prime minister’s visit this week had made clear Ottawa’s new objective: to move its economy closer to its second largest trading partner following a year in which Trump ratcheted up trade and political frictions with Canada, imposing sweeping tariffs and publicly musing about turning the country into the 51st US state.

Speaking to Xi in Beijing’s ornate Great Hall of the People on Friday morning, Carney described the countries’ “new strategic partnership” as one that could work to improve a strained international system.

“Together we can build on the best of what this relationship has been in the past to create a new one adapted to new global realities,” Carney said in his remarks, noting that the two sides would focus on areas where they can make “historic gains” such as agriculture and energy.

The deepening partnership would “help improve” the multilateral system, which “in recent years had come under great strain,” he added.

The language marks a sharp departure from rhetoric of recent years when Canada and its G7 partners raised concerns about Beijing’s activities on the global stage and interference in their democracies.

And it is sure to be welcomed by Beijing which has long looked to drive wedges between the US and its allies, and reshape what it sees as a world order unfairly dominated by their bloc.

In his remarks to Carney, Xi said both countries should “advance the building of a new type of strategic partnership between China and Canada.”

Trade agreements

A joint statement following the meeting said that the two sides “welcomed the progress made in resolving trade issues through consultations,” according to a copy released by the Chinese state media Xinhua.

A separate Canadian statement specified that Canada will allow up to 49,000 Chinese electric vehicles (EV) into the Canadian market, with the most-favored-nation tariff rate of 6.1%. The move rolls back what had previously been an irritant in their relations: a blanket 100% tariff on the goods imposed by Canada in tandem with the US in 2024.

This agreement “will drive considerable new Chinese joint-venture investment” in Canada’s auto industry, the statement said.

It also said that Canada expected China to reduce its tariffs on Canadian canola seed to about 15% by March 1 – a significant drop from the roughly 85% levels that had been imposed on entry of the good into China, where it makes up a $4 billion market. Other products like lobsters and peas would also see tariffs lift on that timeline, Canada said.

China had announced retaliatory tariffs on Canadian agricultural and food products last March, hurting Canadian farmers and effectively shutting Canada’s second-largest market for the crop.

Carney and Xi discussed increasing two-way investment in clean energy and technology, agri-food, wood products and other sectors as part of a bid to elevate exports to China by 50% by 2030, Ottawa said.

A China res