Economists, politicians, bankers, and consumers are unsure whats next in the wake of President Donald Trumps sweeping tariffs.2 News Oklahoma reached out to BOK Financial to learn how Oklahomans should prepare their personal fin
ances. 'We'll get through this' | BOK VP talks tariffsSenior Vice President Steve Wyett shared his insights on personal finance, and the chances of a recession.The consensus view in our asset allocation committee is its a 50/50 shot [for a recession to occur], Wyett said, I think it is a bit of a coin flip right now.President Trump himself has said the tariffs may cause economic pain but believes it is worth the long-term health of American manufacturing.For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense, President Trump said.Nominal items, like fireworks, are expected to see price hikes after the tariffs.Chris Edmonds, owner of Skyline Fireworks in Okmulgee is hoping to get customers in the door before April 9, when the tariffs become official.Everything that comes in after that date, will have a pretty good surcharge on it, Edmonds said.Meanwhile, Americans are looking at their retirement portfolios with worry. Wyett says Oklahomans should keep their investments steady and diversified.The fact is, that broad diversification is what helps manage the risk of markets like this, Wyett said.Gen Z lived through the Great Recession and the brief recession during the COVID-19 pandemic. A third could be on the horizon, just as Gen-Z Americans are entering the workforce, and opening 401ks.The fact of the matter is, for your generation, youve got the greatest asset for investing that you can have time, Wyett said, Because well get through this, weve had recessions before.Wyett understands the fears around the tariffs, but says with time, the economy will prevail.The natural tendency is for our economy to grow over time, nothings changed from that, Wyett said.Stay in touch with us anytime, anywhere -- Download our free app for Apple, Android and Kindle devices. Sign up for daily newsletters emailed to you Like us on Facebook Follow us on Instagram Watch LIVE 24/7 on YouTube ...read more read less
