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?

In this episode, we’ll take a closer look at the backstory of tariffs- what they are, why governments impose them, and the historical context of them. We’ll also break down the 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

1:25 – Tariff impacts on consumers and companies

3:41 – Tariffs as a tool for fair trade + market reactions

5:55 – Keeping a long-term perspective

Resources for this episode:

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/

Resources:

Schedule A Call with Scott: http://callosborn.com/

Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii

The Pilot's Planner Website: https://thepilotsplanner.com/

Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner