WrapManager's Wealth Management Blog
When life changes, we can help you thoughtfully respond.

Seton McAndrews

CFP®, Vice President Investments

Recent Posts

What History Tells Us about Tariffs and the Threat of Trade War

Posted by Seton McAndrews | CFP®, Vice President Investments

June 20, 2018

The Tariff Act of 1930, otherwise known as the Smoot-Hawley Tariff, was signed into law by President Herbert Hoover…even as nearly 1,000 economists warned of its dire consequences. The law slapped nearly 900 American duties on imported goods and was done in an effort to boost domestic spending and to protect American companies. Sound familiar?

While virtuous in its design, the outcome of the Smoot-Hawley tariffs was far from virtuous. Instead of protecting the US economy, the tariffs arguably helped fuel the Great Depression.

Back in 1930, European countries responded to the Smoot-Hawley tariffs by retaliating with tariffs of their own, creating an all-out trade war that produced no clear winners. The Great Depression left no part of the US economy unscathed.

Fast forward to 2018, and we find ourselves in a situation somewhat similar to the one we saw in 1930, with the US threatening – or outright imposing – tariffs on some of our biggest trading partners, in an effort to protect American companies. There is little doubt amongst economists that China does, indeed, have unfair advantages and strict requirements for American companies doing business there. Change is arguably needed. The question is, will we have to endure a trade war to get it?

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Retirement Planning financial planning international investing

Stronger or Weaker Dollar – Which is Better?

June 13, 2018
The dollar debate between investors, economists, and politicians has been rolling on for years. Is a stronger dollar or a weaker dollar ... [+] Read More

The Quick and Easy Guide to Roth IRAs

May 2, 2018
With Tax Day just behind us, it seems like a good opportunity to focus on the type of retirement income the IRS almost never meddles with: ... [+] Read More

How to Research a Money Manager

April 10, 2018
The age of the internet has given us a lot of good information, and it’s made research easier for the average person. Wondering who won the ... [+] Read More

Managing Health Care Costs in Retirement

March 28, 2018
It’s the retirement planning topic that, candidly, cannot be overstated or discussed enough: planning for healthcare costs. Crucial as this ... [+] Read More

The Pros and Cons of Target Date Funds in Retirement Planning

February 28, 2018
Target date funds have been around for over 20 years, but over the last several years they have seemingly become a mainstay of 401(k) ... [+] Read More

How to Financially Plan for Natural Disasters and Other Unexpected Events

January 31, 2018
2017 was a historic year for multiple reasons, but perhaps none more impactful than in the context of natural disasters here in the United ... [+] Read More

The Final Tax Bill – Special Report

December 28, 2017
On December 22, 2017, President Trump signed into law the tax legislation known as the “Tax Bill.”  The majority of the tax law’s ... [+] Read More

Pros and Cons of Dividend Investment Strategies

December 13, 2017
Should an investor consider owning dividend stocks? If so, why? And when? In this piece, we delve into the realm of dividend stock ... [+] Read More

How Your Wealth Manager Can Help You with Major Life Changes

November 22, 2017
Life changes come in many forms. Some are joyous occasions—marriage, the birth of a new child, a job promotion, sending a child to college, ... [+] Read More