Lovett-Reid: Today is tariff day. What does it mean for your clients?
A practical household response
For advisors working with clients on how to respond to the tariffs, I would offer the following eight-point guide.
1. Protect the essentials first.
Housing, food, medication, utilities, transportation and insurance remain the priorities. Tariffs do not change the basic order of a sound household budget.
2. Postpone optional upgrades when appropriate.
If the phone, refrigerator or washing machine you own still works, extending its life may be more valuable now.
3. Repair before replacing.
Before assuming something needs to be replaced, get a repair estimate. A few hundred dollars spent extending the life of an appliance can be considerably less expensive than buying a new one.
4. Pay attention to country of origin.
Do not use the brand’s nationality as a shortcut. What matters for these tariffs is where the particular product originates.
