Community and tariffs
The world feels like it’s changing faster than ever thanks to Donald Trump’s deliberate chaos.
Every day brings more news about tariffs. Steel tariffs on Canadian products. Threats of tariffs on electricity from Ontario to the U.S., tariffs on products from Europe and more tariffs on products from China. Ongoing threats from Trump to annex Canada and yes, I believe 100 per cent that he wants to annex my country.
The man has everyone globally waiting to see what happens on April 2 and it’s irritating as hell.
We’re all dealing with the fallout of higher costs and threats of invasion. If you're feeling the pinch from recent tariff hikes, price increases at your favourite local spots, or the general sense that everything is just a bit more expensive than it used to be, you’re not alone and there are a couple of things I want to address.
No, I’m not going to talk about budgets. We all know that and I’m assuming you’re already doing your best.
How do you stay calm when all this chaos is happening? Many of us have been doomscrolling social media, keeping up with the latest news including for us Canadians, the recently announced elections.
The first thing is to limit time on social media. Set a timer if you have to. I give myself 30 minutes to whip through my social media platforms then I close my phone. It is difficult but it helps.
Second, it’s knowing who’s who in the media space. I read across the spectrum such as the Globe and Mail, the Toronto Star, the National Observer and the New York Times, a lot through the Toronto Public Library. I also read The Walrus, the Tyee, the Narwhal, Jacobin, WSJ, The Hill, Rachel Gilmore, and David Moscrop to name a few journalists who have newsletters. (Moscrop did a Reddit AMA and it’s a good read.) It’s also knowing that breathy, dramatic news makes for great headlines especially in a crowded medium.
Third, get out into the real world and connect with your community. When I wrote about tariffs and boycotts in a recent piece for The Walrus, I highlighted how international trade issues were going to affect everything from the price of clothing to the cost of groceries. What we might not think about as much is the impact these changes are having on our relationships, especially with our closest friends, family and colleagues. Conversations about money, costs, and the state of the world are often avoided in favour of lighter topics. But with price hikes, those difficult discussions might be necessary to have with the people in your circles.
As we’re all about to grapple with higher living costs, it’s tempting to avoid those tough topics, and carry on with the assumption that we’ll make it through somehow or because we have money. But what if talking about these things—whether it's how you're handling the rise in living costs, how you’re adjusting your financial plans, how tariffs are affecting your choices, what are we as a group going to do about this?
Tariffs, price increases, and inflation don’t just hit our wallets; the effects of higher prices and overall financial insecurity can affect our mental health and our relationships. The added pressure of Trump’s behaviour affects how we feel as a nation. Right now it’s ‘Elbows Up’ and coming together as a nation, but that’s a very short slide from national pride into nationalism.
Canada is very vulnerable right now. We’re under threat by a country that was once our closest ally. Housing continues to be out of reach for many, misinformation and disinformation is rampant. One piece of mis- and disinformation circulating is that Prime Minister Mark Carney is an unelected prime minister. This shows that people don’t know how our system works and also shows that people are taking advantage of that lack of knowledge to interfere in our democracy.
Plus, Canadians are unhappy, according to the latest World Happiest Report, which sees us sliding down to 18th position from fifteenth. We’re ripe for division, and nationalism divides.
I suggest you read Stacy Lee Kong’s latest newsletter as she does a great job breaking this down.
This is why it’s more important than ever to build community, even if it causes us personal discomfort to have money taboo conversations. The community aspect of our financial lives is something I’ve touched on before, and it’s becoming more important now than ever. Leaning on one another, opening up, and offering support such as time, comfort and a safe place to talk and just be can help us feel less isolated in this experience.
So, why are we shying away from these talks? It could be that talking about money is awkward, especially around salaries and spending. But instead of letting these issues fester, it might be time to bring them up with the people you trust. Maybe your friends have found creative ways to save, or maybe you could all come together and brainstorm a community approach to some of these challenges. The conversations might be tough, but in the end, they could be incredibly rewarding.
Random bit: here’s what I have from an interview I did recently for an upcoming article. Market corrections happen very regularly. If your portfolio is diversified and supports your goals, considering not looking at it. If you’re worried, talk to an advisor.
Scanning for Canadian goods
A piece of news I found amusing is that Canadians aren’t buying US-made/produced goods so it’s going to food banks. The US goods-boycott wasn’t from the top down. Canadians decided for ourselves to boycott, politicians went along with it and I love that for us. If you want to know what’s Canadian or not American, there’s an app for that:
Buy Beaver
Maple Scan
Shop Canada
O Scanada
Scanuck
Check the label
CanMade
This week’s readings.
Please don’t sign loans for friends without understanding what it means for you. (CP24)
Women are more frugal than men but they feel greater financial strain. (LendingTree)
6 key lessons in building and enjoying wealth that weather economic, political storms (Financial Post)
Tariffs are sending markets on a wild ride. Here’s advice for young investors (Toronto Star)
Lived with your partner for 12 months? Then you’re common-law. Here’s how that affects your taxes (Toronto Star)