PANAMA CITY BEACH, Fla. (WJHG/WECP) – Tariffs on imports from Canada, China, and Mexico have been on and off, keeping the stock market on its toes.
The latest changes caused the S&P 500 to drop 2.1% in one day—the biggest dip since September 2024.
On March 4th, President Donald Trump’s new tariff policy took effect, adding a 25% tariff on Mexican and Canadian imports, and a 10% tariff on certain Chinese goods- in addition to the existing 10%.
Financial advisors expected a slight dip with the administration change. There is usually some volatility when there is a change in Presidents because of new ideals and policies.
While recent market shifts are unsettling, the S&P has risen 20-25% over the past two years.
Burns Estate Planning and Wealth Advisors say to hold off on selling, advising now is not the time for drastic moves.
“The time to sell and rebalance your portfolio is when markets are going up,” said Alex Astin, a financial advisor for Burns Estate Planning and Wealth Advisors. “It’s not when they go down. Because ideally, when you say I can’t take this anymore, I can’t lose anymore. It’s too late, you have already lost those dollars. Astin continued. ”But you only lose them when you sell. Markets ever since the beginning have always recovered from their downturns.”
On April 2nd, reciprocal tariffs are set to take effect, imposing equal taxes on countries that have tariffs on the U.S. Experts urge patience despite market uncertainty, noting that markets historically recover.
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