Tariffs have been on everyone's mind and certainly are wondering if the tariffs are affecting your portfolios. Depending on the type of products, if you're a sector-based investor, if you're owning equities, you may have felt the burn here and felt the pain a little bit. I think companies are certainly unsure as to what's going on. One day we hear 10% tariffs on 300 billion worth of assets. A couple of days later, they're going to put it off and not do it. So there's short term volatility has caused some ups and downs. I think the companies will handle the tariffs well. It's this period of uncertainty that becomes difficult and we're seeing that in folks' portfolios.
If you thought that trade headline was going away, think again.
As you all know by now, that additional 10 percent tariff on approximately $300 billion of Chinese imports, kicks in on September 1. So, for the people (retirees) who are living on a fixed income, what does it mean for day-to-day expenses?
In our Ask the Expert series, Tony Drake, CEO at Drake and Associates, says it would be challenging.
"There are certain sectors that are gonna really perform a nice safe haven for clients in their portfolios, but it's about having that balance. It's about looking at your portfolio on a regular basis, being involved with your advisor, making sure your risk tolerance hasn't changed and not panicking, " he said.
Want to hear more on what Drake has to say, watch the video above.
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