Even with Monday’s delay in tariffs against Mexico and Canada for the next 30 days, with Chinese tariffs imminent, many across the Northland are feeling anxious. As things stand, Barry Bigelow, wealth advisor for Farther Financial, says there are two scenarios’ consumers can expect moving forward.

“As things normalize, and we realize what happens with the tariffs and the cause that they have on U.S. companies, you’ll see the stock market react to either increases in local production because the tariffs are incentivizing people to buy u.s.-made goods and services instead of Canadian, Mexico, or Chinese. Or you’ll start to see those U.S. companies suffer as the need and desire and demand for those products goes down because of the increase in prices,” said Bigelow.

Bigelow also reminds consumers that tariffs are another form of tax on goods.

“We’re very familiar with use tax because we have sales tax on just about everything in Minnesota and Wisconsin. And so, the tariffs are just another tax on top of what we already have been used to,” said Bigelow.

Tariffs can also be used as a form of negotiation, so the percent increase on goods can fluxgate during those negotiations between countries. Bigelow suggests that buying local and focusing on the things around you can reduce large-scale stress, along with being prepared financially in case of rising costs.

“The increase in cost is real. Inflation has been real. We’ve all seen the cost of groceries go up. It is an important thing to plan for those increases as you go forward. So, as you’re making your savings decisions, as you’re making those investing decisions, making sure that you have enough money for if things go bad in the stock market or otherwise for a period of time is critical to any financial plan success,” said Bigelow.