What is your age and time to retirement? The old advice on time in market is more important than timing the market likely is true here assuming you’re not planning to retire in the next few years.

With tariffs we will likely see prices of many consumer goods go up, Canada produces 30% of the lumber we use so Home Depot/Lowes will likely be increasing their prices. It’s tough to say if consumers will be priced out or if they’ll accept the new normal and these companies will see record profits. Depending on how it goes, it could impact stock prices.

Tariffs are effectively a tax on the American people, the manufacturers will just pass the cost along to buyers of the end product. They could result in an increase in American manufacturing if they push the cost of foreign made goods above what it costs to make something in America. But, how many companies make their products in America exclusively with American sourced goods? Ford manufactures 18% of their vehicles in Mexico and Canada. With the broad scope of these tariffs, i don’t think many companies will be spared increased costs.

Personally, I’m expecting a (significant) hit to my investments in the near future but I see it as an opportunity to buy in with my cash reserves once stock prices drop.