From lighter federal regulations to tariff changes, much has shifted in the first year of President Trump’s second term — and those moves are showing up in people’s day-to-day lives.
NBC 5 Responds took a closer look at the biggest shifts so far —and the changes you can expect next.
As President Donald Trump took the oath for a second term in January 2025, he had promised sweeping consumer relief — including things like lower credit card rates and cheaper car insurance.
However, the year that followed told a different story, according to Susan Weinstock, CEO of the Consumer Federation of America.
“It’s been pretty devastating. You know, there’s been significant rollback of rules that were put in place to protect consumers,” said Weinstock.
Just weeks after Trump took office, his administration issued a Stop Work Order to the Consumer Financial Protection Bureau. The order halted all investigations and litigation while also rolling back recently passed consumer protections, like a Biden-era rule that would’ve capped credit card late fees at $8, and another aimed at capping bank overdraft fees.
“That’s gonna cost consumers $5 billion annually in overdraft fees that they would not have been paying. Typically, it’s about a $35 fee. The CFPB’s rules were going to limit it to about $5,” said Weinstock.
Consumer protection rollbacks are also landing at the worst possible time for travelers.
Department of Transportation data shows nearly one in four U.S. flights were delayed or cancelled between June 2024 and July 2025.
“There were rules that the Biden administration had enacted that customers should get automatic compensation for canceled flights and extensive delays. That’s gone,” said Weinstock.
By April 2, touted as ‘Liberation Day’, President Trump’s announcement of sweeping tariffs caused many to fear higher costs on everyday products. But that’s not exactly what happened.“It appears the prices didn’t go up as much as economists thought they were going to,” said Steven Durlauf, Professor with the University of Chicago Harris School of Public Policy.
Instead, the tariffs played a part in destabilizing the job market, with the unemployment rate now sitting at 4.4% — the highest it’s been in years, Professor Durlauf said.
“The labor market is frozen,” Durlauf said. “Since April, the quit rate has actually been quite low, but the hiring rates been very low.”
As a result, there is “all of this uncertainty” as “people don’t know what to do,” Durlauf explained. “So, there’s been a lot of stasis in the labor market.”
Despite a cooler job market, Durlauf says tariff‑driven price increases may be modest this year
“There’s no reason to think that the price increases are going to attenuate. I think that they probably will increase as there’s adjustments in response to the tariff changes that are being gradually made,” said Durlauf.
President Trump is pushing to cap credit‑card interest rates for one year starting January 20. But there’s still real uncertainty over whether he can make that happen without congress — or if it’s even legally possible.
Just weeks ago, a judge ordered the Trump administration to continue funding the CFPB — but experts say it’s unclear if the agency, which has helped consumers recover more than $21 billion since its creation, will ever be brought back to what it once was.
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