In this episode of The Personal Finance Project, we dive into the world of tariffs—what they are, why they exist, and the real-world impact they have on industries, consumers, and the broader economy. Scott Bartosh and Greg Ashcroft from the Ashcroft Pesek Bartosh Group join us to break down the first-order and second-order effects of tariffs, exploring everything from steel and sugar to national security and supply chain resilience. We discuss how tariffs can distort prices, influence inflation, and create ripple effects that are often unseen. Plus, we examine the role of protectionism, the concept of comparative advantage, and how tariffs tie into broader economic policy. As always, we bring it back to what this means for investors and portfolio management—should you be adjusting your bond duration or equity exposure in response to trade policy? Join us for a candid conversation about the economics of tariffs and why, in reality, the law of unintended consequences reigns supreme. 📌 Topics Covered: What is a tariff, and why do governments use them? The winners and losers of tariffs—who benefits and who suffers? How tariffs impact industries like steel, automotive, and confectionery The relationship between tariffs, inflation, and consumer behavior National security, supply chain vulnerabilities, and why some tariffs might make sense Investment implications—how trade policy could affect your portfolio 🎧 Tune in for an insightful discussion on tariffs, economics, and market impacts with Scott, Greg, and the Baird Retirement Management team!

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