Welcome to the Stay Wealthy Podcast. I'm your host, Taylor Schulte, and today I'm talking about the tariff-induced market mania that has consumed just about every news headline in recent days.

Specifically, I'm joined by my friend Colin Roche, monetary economic expert and founder of discipline funds to discuss three

important things with us today. Number one, how tariffs actually work and why economists across

the political spectrum overwhelmingly agree that tariffs are bad. Number two, what the recent

tariff proposal means for the economy and American consumers.

And number three, what yesterday's 90-day pause means for the markets going forward.

We also discuss how retirement investors should approach their portfolios during this period of economic uncertainty and what changes are prudent for them to make. To view the research

supporting today's episode and learn more about Colin and his discipline-based investment strategy,

just head over to you staywealthy.com forward slash two four zero. I've started and stopped and even trashed several client emails in the past week because

every time I look up, there's a new headline, rumor, announcement, something that dramatically

changes the market sentiment. And Colinda, today is no different. We're recording this on Wednesday,

April 9th. And President Trump just announced a 90-day pause on the tariffs,

and now the market is ripping up 9%. So there's a lot to unpack and discuss today, but

first, just to set the stage for our listeners and ensure that we combat some of the common

misconceptions, would you mind just kicking us off by sharing at a basic level. How do tariffs work?

Sure. Yeah, it's crazy. If you had actually taken a nap on April 3rd and woken up today,

which I actually wish I had done, because I haven't actually slept very much in the last six days,

the stock market would have barely moved. You would

have thought that maybe nothing had even happened, but in fact, we kind of mini-crashed, and now

we crashed up, and so here we are. But at a very sort of basic operational level, the way

a tariff works is really pretty simple. So we import a certain

amount of quantities from China. So let's actually put a concrete example of this, for instance.

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