Good morning,

President Trump's deliberations over his plans to impose reciprocal tariffs appear to be coming down to the wire, with multiple proposals under consideration, including a tiered tariff system and a customized reciprocal plan. Under a tiered system, countries would reportedly see their goods face duties at either 10% or 20%, depending on their tariff and non-tariff barriers on U.S. goods. Amidst all the speculation, the White House has generally refrained from providing details about the size and scope of trade barriers that have businesses, consumers and investors fretting about an intensifying global trade war. The White House confirmed Tuesday that reciprocal tariffs would take effect immediately after Trump announces them at the Rose Garden event, scheduled to begin when U.S. markets close at 4:00pm. Meanwhile, a 25% tariff on auto imports is also expected to take effect on April 3rd. The lack of clarity on the Presidents tariffs agenda has made modeling the impact on earnings, growth and inflation slightly more challenging than normal, however, our defensive positioning across consumer staples, utilities, alternatives, and fixed income are proving to be a viable strategy.

We will provide updates on the current situation as they become available.

Please continue to call us with any questions that you have as we are never to busy. We can also be made available to speak with any friends or family members needing reassurance during these times.

Have a great week,

Devin