In this episode, George and Sam explore the impact ofTrump’s recent tariff announcements on market volatility and broader economic conditions. They draw the Liz Truss mini-budget episode, noting that while valuations fluctuate, the core investments remain unchanged.

George references a 2018 paper by Matthew Rooney (George W. Bush Institute), which warns of the potential downsides of tariffs—higher prices, job risks, and stifled innovation. Sam adds that although tariffs create short-term turbulence, they may indirectly help reduce government borrowing costs.

The conversation shifts to recession worries, focusing onU.S. employment trends and ongoing supply chain issues. Sam reassures listeners that markets are historically resilient and highlights a positive shift in client behaviour—more confidence, less panic.

As the episode wraps up, Sam underlines the vital role offinancial advisers in helping clients stay the course. Unlike fund managers who chase performance, advisers offer tailored, steady guidance rooted in long-term planning.

Chapters:

• 00:00:03 – Introduction and Market Context
• 00:00:35 – Trump’s Tariff Impact on Markets
• 00:03:06 – Economic Implications of Tariffs
• 00:07:36 – Recession Concerns and Market Response
• 00:11:14 – Client Behavior and Financial Well-being
• 00:17:47 – Role of Financial Advisors

Key Takeaways:

• Stick with your investment strategy unless you have short-term needs (00:15:50)
• Contact your adviser during periods of uncertainty (00:17:47)
• Follow your financial plan instead of making reactive decisions (00:19:21)
• If you’re worried, don’t go it alone—talk to your adviser (00:20:10)
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Matthew Rooney Essay

Podcast Editor: Jonathan R, Audio Producer