Tariffs impacts locally and across the country

THOMSON, Ga. (WJBF)- President Trump put a 90-day pause on most of his reciprocal tariffs on products coming from foreign countries today. He says a 10 percent baseline tariff will remain across the board. And the tariff on China has been increased to 125%.  

While you may feel some impacts of the tariffs, one local financial expert says there are ways to soften the blow.

“We see what’s happening the last two weeks in the stock market, it’s kind of giving us a bloody nose,” Wayne Wilson said. 

But it’s not just the stock market that has taken a hit. 

“…That’s really gonna impact a lot of the electronics because they’re a major supplier of electronics in the United States. Canadian lumber, the housing market, that’s gonna have an impact on that because we import a lot of lumber from Canada…” Wilson said.

Wayne Wilson is the president of Wilson McWhorter Financial. He tells me having a financial plan is key. 

“Four bucket plan, and I’ll have a bucket of money that’s designated for income, I’ll have one that’s designated for inflation, and then I’ll have one that’s designated for long-term growth for inflation. And then, maybe, a legacy bucket if you wanna leave something to your family…”

Wilson says that’s just one example. For others, you may want to “spend less,” but then you get to a point of “how much less can I spend, I gotta live…”

It’s why, right now, Wayne recommends relying on your own safety net. 

“With the bucket plan, that needs to be something that you cannot lose. It’s gonna provide you income no matter what, and there are products out there that will provide you with lifetime income.”