The day President Trump took office, he announced plans to implement a 25 percent tariff on goods from Mexico and Canada. Additional tariff conversations have exploded since that day. How might this impact your personal finances and the economy?

Today, we'll explain a bit of the backstory of tariffs- what they are, why governments impose them, and the historical content of them. We'll also break down these new tariffs that have been introduced, their potential impact on everyday people, and what you can do to navigate this shifting financial landscape.

Here's some of what we discuss in this episode:

0:00 – Intro

1:26 – Tariffs and their historical context

3:52 – Impact of tariffs on trade and manufacturing

9:13 – Tariffs' effects on consumers

12:57 – Having a diverse and resilient portfolio

Resources for this episode:

Wolf Street Article

https://wolfstreet.com/2025/02/03/what-trumps-tariffs-did-last-time-2018-2019-had-no-impact-on-inflation-doubled-receipts-from-customs-duties-and-hit-stocks/

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