In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the implications of tariffs imposed by the U.S. on imports from Canada and Mexico. They explain what tariffs are, how they affect consumer prices, and the broader economic consequences, including inflation and stock market reactions. The conversation emphasizes the importance of having a financial plan to navigate these changes and offers insights into investment strategies during uncertain times.

Takeaways

• Tariffs are taxes on imported goods that increase consumer prices.
• Higher tariffs can lead to inflation and reduced purchasing power.
• Economic activity is primarily driven by consumer spending.
• Rising costs from tariffs can negatively impact stock market profits.
• Short-term tariffs may be used as negotiation tactics.
• Having a financial plan is crucial in uncertain economic times.
• Investors should avoid selling stocks during market corrections.
• Diversification in investments can provide downside protection.
• Understanding financial goals is essential for effective investment strategies.
• Planning should focus on long-term financial outcomes.

LinkedIn Brett Cranson: linkedin.com/in/brettcranson

LinkedIn Omari Whyte: linkedin.com/in/omari-whyte

For business inquiries, please head over to

https://www.uptownwealthmanagement.com
https://www.familyfirstadvisors.ca

email:

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Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.