An image of U.S. president-elect Donald Trump is displayed as traders and financial professionals work on the floor of the New York Stock Exchange at the opening bell on Nov. 26, in New York City.TIMOTHY A. CLARY/AFP/Getty Images
U.S. president-elect Donald Trump’s promise to impose 25-per-cent tariffs on all imports from Canada and Mexico has set off alarm bells among politicians and economists north of the border.
But should Canadians change what they’re planning to do with their money in response to the news?
To think about the possibilities is to contemplate a bewildering range of what-ifs, so The Globe and Mail asked four experts to help Canadians think through whether they should tweak their personal finances.
What to do if you’re worried about the U.S. dollar exchange rate
The Canadian dollar threatened to hit pandemic-era lows early on Tuesday, dropping to 70.534 US cents early on Tuesday before bouncing back later in the day. It’s hard to know where the loonie might be headed next, but the sure bet is to focus on avoiding extra costs whenever you make the conversion to U.S. dollars, said Barry Choi, a personal finance and travel expert at moneywehave.com.
If you’re purchasing greenbacks, you’ll save by relying on a money transfer service such as Wise instead of traditional banks, which usually charge a hefty exchange-rate markup, he said. Among other competitive options are Knightsbridge Foreign Exchange and the Canadian Snowbird…
