--- title: From Tariffs to Tech: Let’s Break Down Everything You Need to Know This Week | TIME description: Time delves into the of impact Trump’s tariffs on the G7 Summit, Fortune examines Apple’s move to tackle tech addiction and privacy, Sports Illustrated looks at the new faces at the World Cup, and Money shares what to know about saving for retirement canonical: https://time.com/video/UCjzyRoQ/ og:title: From Tariffs to Tech: Let’s Break Down Everything You Need to Know This Week og:description: Time delves into the of impact Trump’s tariffs on the G7 Summit, Fortune examines Apple’s move to tackle tech addiction and privacy, Sports Illustrated looks at the new faces at the World Cup, and Money shares what to know about saving for retirement og:url: https://time.com/video/UCjzyRoQ/ og:image: https://cdn.jwplayer.com/v2/media/UCjzyRoQ/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: From Tariffs to Tech: Let’s Break Down Everything You Need to Know This Week twitter:description: Time delves into the of impact Trump’s tariffs on the G7 Summit, Fortune examines Apple’s move to tackle tech addiction and privacy, Sports Illustrated looks at the new faces at the World Cup, and Money shares what to know about saving for retirement twitter:image: https://cdn.jwplayer.com/v2/media/UCjzyRoQ/poster.jpg?width=720 --- # From Tariffs to Tech: Let’s Break Down Everything You Need to Know This Week > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: From Tariffs to Tech: Let’s Break Down Everything You Need to Know This Week [Watch (HLS stream): From Tariffs to Tech: Let’s Break Down Everything You Need to Know This Week](https://cdn.jwplayer.com/manifests/UCjzyRoQ.m3u8) (12:29)  _Published 2018-06-06. Time delves into the of impact Trump’s tariffs on the G7 Summit, Fortune examines Apple’s move to tackle tech addiction and privacy, Sports Illustrated looks at the new faces at the World Cup, and Money shares what to know about saving for retirement_ --- Jul 28, 2023 12:05 AM UTC --- ## More From This Series [All Videos](https://time.com/video/) [From DNA Privacy to Disney’s Box Office Wins: Let’s Break Down Everything You Need to Know This Week ](/video/nvdOOtwQ/) ### From DNA Privacy to Disney’s Box Office Wins: Let’s Break Down Everything You Need to Know This Week [Can Disney Do No Wrong? ](/video/TQXv1IA2/) ### Can Disney Do No Wrong? [Disney's The BFG - Official Trailer](/video/XexESmjD/) ### Disney's The BFG - Official Trailer --- ## Transcript [ MUSIC ] Welcome to The Breakdown. I'm your host Neha Joy and we're here with the top stories of the week from Time, Money, Fortune, and Sports Illustrated. Now this week we examine Apples move to tackle tech addiction and privacy, how Trump's tariffs will impact the G7 Summit, what to know about saving for retirement while managing debt, and a World Cup special look at this year's new faces as well as who's missing. So let's dive in [ BLANK_AUDIO ] [ BLANK_AUDIO ] Seven of the world's largest economies, Canada, France, Germany, Italy, Japan, the UK and the US, will meet at the annual Group of Seven Summit on Friday in Quebec, Canada. It's normally an opportunity for the biggest Western powers to present a united front on global growth priorities. But this year's summit will likely be overshadowed by Trump's America first economic policies. Trump's decision to impose steel and aluminum tariffs on some of America's closest allies, the European Union, Canada and Mexico, sets the stage for the US president to be at odds with other leaders at this year's summit. And if last year's meeting's any indication, it's going to be a tense gathering. Trump's awkward white knuckled handshake with French president, Immanuel Macron, raised international eyebrows last year. Canada's prime minister, Justin Trudeau has already lashed out at Trump, calling the tariffs totally unacceptable and a deplorable decision. Canada is looking to retaliate with about $ 12. 8 billion worth of tariffs on US products Unlike other modern presidents, Trump has promoted protection as policies over free trade. He believes his approach will benefit U. S. workers and the American economy. Every decision on trade, on taxes, on immigration, on foreign affairs will be made to benefit American workers and American families. But according to an estimate from the Council on Foreign Relations, Trump's steel tariffs could cause 40, 000 Americans in the auto industry to lose their jobs. Not to mention, the moves could increase the sticker price on a wide variety of goods for consumers like iPhones and beer. Foreign policy experts say that Trump, instead of organizing allies in a trade fight against China risks alienating them through these tariffs. Canada and the EU are currently facing more severe US tariffs than China, one of Trump's favorite targets in speeches and tweets. This year's G7 summit highlights how the US stands alone on many key issues around the world. Between America's withdrawal from the Paris climate agreement to the Iran deal, the White House is in odds with major global allies on several fronts, but will be able to capitalize on the EU's instability of laid, from it's lack of unity to Italy's major debts, to further advance the US agenda. We'll find out how Trump's word against all fares at this year's G7 Summit and on its upcoming visit to our allies. [ MUSIC ] [ NOISE ] [ BLANK_AUDIO ] We're about a week away from one of the world's most widely viewed sporting events, The FIFA World Cup. This year Russia's holding the soccer tournament, and their status as game host automatically qualifies them for the cup. But they are expected to have a [ UNKNOWN ] time on the field. Russia currently stand as the second lowest ranked team out of the 32 nations expected to compete. Even worst the hosts have been cursed with injuries to key players like striker Alexander Kokorin. But the excitement around the games is rising with crowds already lining up to purchase their soccer kits for their national teams jerseys and memorabilia. This year, fans will get to cheer nations that haven't competed in decades. Egypt's Pharaohs are back for the first time since 1990, thanks in large part to Liverpool standout Mohamed Salah. His five goals and epic penalty kick qualified Egypt for the cup. But the soccer star recently damaged his shoulder during the Champions League final in Ukraine. Despite his injuries, Salah qualified to compete in Russia. And Egypt's still pinning their hopes on him. Peru returns to the cup after after its last appearance in 1982. Prior to their debut in Russia the team scored a huge win off the field after a substance ban was lifted off of Peru's all time leading scorer and captain Paolo Guerrero. Despite only qualifying for the World Cup once before, Senegal left its mark on the games after a stunning run at the 2002 quarterfinals. Now 16 years later, they're finally back and with Sadio Mane at the wheel, anything is possible. Despite these new faces, in a shocking upset, we're missing some major teams. The most notable being Italy. The last time Italy didn't qualify for the World Cup was in 1958. 60 years ago. Netherlands is also one of the finest soccer teams in the world, finishing third place at 2014's World Cup. But they too failed to qualify for Russia. And in a swift change up, Chile went from World Cup guarantees to non qualifiers. The departure of their coach significantly impacted the team's performance and they're not alone. While the US alone hasn't historically performed well at the World Cup, this is the first time they failed to qualify since 1986. The games haven't even begun but between these shocking upsets and finalized squads, the 2018 World Cup promises to leave fans at the edge of their seats. [ BLANK_AUDIO ] The company responsible for transforming how we engage with tech is at it again. On Monday at Apple's annual World Wide Developers' conference, the Macintosh powerhouse addressed some of the public backlash following hot topics. Such as data privacy and smart phone addiction. According to experts, Apple was about $ 7 a share away to be the first US company to reach 1 trillion dollars in market valuation on Friday, yet it used its biggest event of the year to showcase tools that will help customers use it's products less. But the move was strategic. Apple depends on customers buying its products, not to necessarily spend all their time on them. The company is placing customers' interests first and developing tools for its devices to address. Consumer priorities such as smartphone addiction. Also services that help limit screen time will support the user experience so the billions of dollars that app developers currently make the tech giant will continue to rise. Engineers have been working on an initiative called, Digital Health to help users monitors their times spent devices and app. The results surprised apple CEO Tim cook, who spoke to CNN money about what he learned about his own phone habits, now he wants users to take the reins I thought I was fairly disciplined about this and I was wrong, when I begin to get the data I found I was spending a lot more time than I should. The power is now shifted Hm. To the user. And that has been what Apple has always been about. The decision was met with praise. Apple also addressed user privacy concerns and released tools that'll block Google and Facebook's ability to track user activity. This move is a direct hit at the tech giants because it could impact their ad revenue. Happenstance on privacy is setting it apart in the industry. I mean this is a company that has always put the user first. I think it's going to help it's valuation. People are going to realize that this is a core part of the experience moving forward. The privacy thing has gotten totally out of control. I think most people are not aware Of who is tracking them, how much they're being tracked. We think privacy is a fundamental human right, so that is the angle that we look at it. [ BLANK_AUDIO ]. Saving for retirement is daunting, it's even more challenging when you're struggling with debt, but we're not alone. The total household debt in the United States which includes factors like mortgages and student loans is on the rise. According to the New York Fed, American household debt shattered records reaching $ 13. 21 trillion in the first quarter of 2018. That's $ 526 billion more than our previous peak in 2008. Our collective debt is enough to buy 16 googles at it's current price tag of $ 791. 5 billion and with the average AMerican retiring in his or her early 60s more and more Americans must deal with debt into retirement. That means your Social Security check probably won't be enough to make ends meet. But, what's the best way to save without driving yourself and your bank accounts crazy? Well, you can prioritize your debt. Figure out what kind of debt you're dealing with, and pay off your bad debt first. This type of debt doesn't improve your financial situation, and usually means credit card debt Your good debt, yes, there is such a thing, improves your finances. As long as you can make regular payments to your mortgage, focus on paying off those bad debts first. Zeroing in on bills with the highest interest rates will also save you money in the long run and can boost your credit score. The perks of a higher credit score include snagging lower interest rates for bigger purchases like a car or a house. But as young investors struggle with student loans and American debt continues to rise, we spoke with money senior writer Elizabeth O' Brian to share her retirement savings action plan. All right, Elizabeth thank you so much for joining us. Now, beyond prioritizing debt, how can people manage their retirement savings and paying off their debt. Well, it's hard to have two goals, but there are three things you can do to make it easier. First of all, track your expenses. Know where your money's going. There are free software, Like Mint. com can help you make that less of a chore. So take advantage of it. Once you know where your money's going, you'll know if there's any fat in your budget to trim. For example, do you really need that $ 6 juice every day? Maybe you can cut it back to once a week. Then, once you start saving, even if it's just $ 20 a month, you're going to see your balance grow over the years and it's going to be really motivating. You're going to get hooked. I know I definitely need to cut back on my $ 6 juices. Now, what is your advice for millennials that are juggling an entry- level salary and retirement savings? It's really hard on an entry- level- Salary, but there are things you can do, for example, to set yourself up for good financial habits for life. Don't make it a habit to put things on your credit card. Set yourself up for good habits. For example, if your friend has a bachelorette party in Vegas and you can't afford it, don't go. Don't put that on the credit card if you can't pay it off at the end of the month. Learning to make this kind of hard decisions is gonna be good for you in a long run. Now, for the over 50 crowd, how do they save for retirement? Because they have higher salaries, but they're also taking on more debt. Right, well once your kids are out of the house if you have a little extra money, you're no longer paying tuition payments. Don't think of that as mad money and blow it on a sports car. Really put that extra money to work for you. One thing you can do is when you're 50 plus, the IRS allows you to make catch- up contributions to your retirement accounts. You can put an extra $ 6, 000 into your 401K and an extra $ 1, 000 into your IRA. So that's a good use for that extra cash you might have. Then secondly what you can do is You know, think about downsizing. You might not need so much house. So, what you're saving on your house payments, put that into your retirement fund. All right. Well, I am definitely taking notes. Elizabeth, thank you so much for joining us. Thanks for having me. And that's all For The Breakdown this week. Until next Wednesday, I'm Meja Joy, and thanks for joining our weekly roundup of the news. 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