LINCOLN, Neb. (KLKN) —President Donald Trump announced across-the-board tariffs on Wednesday.
A 10% baseline tariff on all countries will go into effect just after midnight Saturday morning.
Higher tariffs on certain countries start just after midnight next Wednesday morning.
One Lincoln financial adviser says the full impacts are still up in the air.
“This is all speculation at this point,” said Tim Kulhanek with Stonebridge Wealth Systems. “It’s important to keep in mind, this is the first inning when it comes to these tariffs, even though it feels like we’ve been talking about it for a while.”
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Kulhanek said this can impact families in two ways: the rise in costs and potential hits to investment portfolios.
“As prices go up, consumers find other alternatives, demand starts to wane,” he said. “If demand goes down, there’s less of a need for a company.”
And he said that could cost jobs.
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Users of the NOW Local News App said they expect to pay more.
“We’re definitely going to feel it,” Neveen said. “Everywhere from apparel to groceries to cars, and even cars manufactured in the U.S.”
Sean, another NOW Local News app user, said this could be a whirlwind.
“From the farmer to the average American, prices are going to go up,” he said. “It’s going to go back and forth, up and down. It’s going to hurt. Maybe not right away, but it’s going to hurt.”
Kulhanek said you should plan for rising prices by doubling down on your budget. But he advises everyone to be patient with their money.
“Take a deep breath,” he said. “Volatility tends to follow uncertainty. The key for investors is to not follow your emotions.”
