GRAND RAPIDS, MICH. — President Donald Trump said Wednesday he is pausing his reciprocal tariffs for 90 days on 75 countries that have begun negotiations on trade with the U.S, lowering their tariff rate to the baseline of 10%.
According to a financial advisor FOX 17 spoke with, this shouldn't mean that people should pause on preparing for paying more, eventually.
Jordan Buffum, a wealth manager at Voisard Asset Management, notes that many clients are expressing concerns.
"I think a lot of our clients have been worried or anxious about some of the uncertainties that are coming down the pipeline," Buffum said.
Buffum has already begun discussing future planning with his clients. He acknowledges that people want clarity on the duration of these tariffs.
"Most people really want to know if these tariffs are in place six months from now, 12 months from now," Buffum explained. “What are things going to look like? For me, what does the future look like, and how should we be planning accordingly?”
Residents of Grand Rapids, including Cynthia Ferguson, are already considering how the tariffs will affect their budgets.
"It's definitely something I'm going to plan for in the future," she said. "I know that they're going to affect our daily purchases, the things that affect our daily lives more so than, you know, just cars — bigger than that."
When it comes to daily necessities, Cynthia pointed out that some purchases are non-negotiable.
"You know, I'm not gonna go purchase a car, but I have to go buy eggs, and I have to buy milk and all those kinds of things," she said.
Buffum emphasizes the importance of budgeting.
"If you know how you're spending your money, you know what your budget looks like. It's far easier to see where you have to cut back if things are getting more expensive," he stated.
Buffum advises consumers to focus on necessary expenses.
"If you've got a $400 a month car payment that's got to be paid whether you like it or not, going out to eat, Amazon packages showing up to the door," he said. "These things that I can't control, and so I really need to tighten my belt on the pieces that I can control."
Savannah Christiansen, another local resident, is already adjusting her savings plans.
"I have been saving up for a car for the future, so I don't know what's gonna happen with that. I might have to stick with my current car a little bit longer than I want to," Christiansen shared.
Buffum supports this perspective - reminding consumers to prioritize essential spending.
"Most people would put grocery store items near the top of their list in terms of things like, ‘Hey, I'm not willing to cut that.’ So if you're seeing a price increase there, it's easier to take a look at the budget," Buffum said.
He advises that now is not a time to panic.
"Control the things you can control, making good financial decisions with good planning regardless of tariffs," Buffum said.
This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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