Welcome to this week’s edition of Advice for the Good Life—your weekly briefing on what truly matters most: wealth, wellness, and the wisdom to live fully in both.
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In today’s Wealth Advisory, we examine the ripple effects of recent tariff policies—specifically how they’re impacting forward-looking earnings across key sectors. If you’re invested in equities (directly or indirectly), this is a must-read for understanding what’s priced in, what isn’t, and why your portfolio strategy may need a second look.
Next, our resident Wellness Navigator, Christine Despres, offers six powerful habits to boost your healthspan—the number of years you live not just longer, but better. These aren’t the usual suspects. They’re game changers that shift the trajectory of your vitality, starting now.
And finally, in our Etcetera section, we round up thought-provoking articles spanning the worlds of health, wealth, and everything in between. Whether you’re in need of inspiration, insight, or a good conversation starter, this week’s links have you covered.
As always, live wisely and live well!
Wealth Advisory: How Tariffs are Affecting Forward-Looking Earnings and Why It Matters
Corporate earnings reports typically offer valuable insights into business performance, but this earnings season holds particular significance given the current trade environment. Major stock indices have achieved record highs amid stabilizing trade relationships, yet questions remain about how tariffs may impact both consumers and companies. Encouraging developments include new trade agreements and corporate earnings that are surpassing analyst projections.
Recent data indicates that consumer spending remains robust while corporate profit growth continues to outpace forecasts. The Yale Budget Lab reports that consumers currently face an average effective tariff rate of 20.2% as of July 23, marking the highest level since 1911.1 The absence of this impact in consumer spending patterns suggests that many companies are absorbing tariff costs rather than immediately transferring them to customers. This capability appears to stem from strong earnings performance and healthy profit margins.
More than one-third of S&P 500 companies have released second-quarter earnings results, with 80% delivering positive earnings-per-share surprises, according to FactSet data.2 The blended earnings growth rate of 6.4% has surpassed expectations of 4.9%. Although this growth rate trails recent quarters, it indicates that an “earnings recession” – characterized by sharp profit declines like those seen in 2020 or 2022 – appears less probable than initially anticipated.
Corporate earnings are beating expectations so far.
Understanding tariff mechanics reveals how they might appear in financial statements. While governments collect tariffs as revenue, the actual costs fall on either exporters to the U.S. or American consumers and businesses through elevated prices. The distribution between these groups depends on their respective “pricing power.”
Consider rare earth metals essential for electronic devices – nearly all are imported to the U.S. Given limited alternative sources, tariffs would likely transfer directly to consumers. This explains why the administration has pursued expanded rare earth metal imports from China and increased focus on domestic production capabilities.
Conversely, the automotive sector features intense competition among domestic manufacturers and numerous countries seeking U.S. market access. When tariffs target vehicles from specific countries, those manufacturers might absorb portions of the costs to maintain competitiveness against other nations’ products and domestic alternatives.
Short-term tariff effects depend on industry competitiveness and available consumer and business alternatives. Over longer periods, supply chains can adjust to new conditions while currency values adapt accordingly.
Tariff impacts on earnings and corporate responses vary significantly across industries. General Motors reported $1.1 billion in tariff-related profit losses during the second quarter, with profit margins declining from 9% to 6.1%.3 Conversely, Cleveland-Cliffs, a domestic flat-rolled steel producer, announced better-than-expected second-quarter earnings, benefiting from tariffs that reduced steel imports.4
The chart above demonstrates how earnings expectations differ substantially across sectors, partially reflecting trade impacts. Understanding tariffs’ complete effects on companies may require several quarters, particularly as new trade agreements emerge.
Multiple countries have established new arrangements, some featuring significantly reduced tariffs compared to the original April 2 declarations. Recent announcements indicate the European Union and Japan will face 15% tariffs on U.S. exports, while Indonesia and the Philippines will encounter 19% tariffs. Meanwhile, discussions with China continue following earlier trade truce developments.
Markets continue to reach new all-time highs.
Markets have sustained their record-breaking trajectory as earnings surprises emerge and new trade agreements are finalized. The chart above shows the S&P 500 achieving over a dozen new record highs this year, with most occurring within the past month. The Nasdaq has similarly reached record territories, surpassing its historic December peak, while the Dow approaches new record levels. Although these elevated market levels may concern some investors, major indices typically establish numerous new all-time highs annually during market expansions.
Despite strong market performance, concerns about tariffs’ economic impact remain. Various economic projections, including Federal Reserve forecasts, suggest inflation could run slightly higher with somewhat slower growth. Industries will experience varying impacts based on input costs, with import-heavy sectors facing compressed profit margins. However, these projections must be balanced against domestic investment benefits and companies’ potential for adaptation through innovation and enhanced efficiency.
While tariffs have reached historically high levels, their predictability matters more, as stable business environments enable companies to adapt operations and supply chains more effectively. Looking ahead, current Wall Street consensus estimates project S&P 500 earnings growth at a 9.5% annual rate. These forecasts anticipate accelerating growth over the next two years as global trade stabilizes, though significant changes could occur in the interim.
Earnings are an important long-term driver of returns.
Stock market performance tends to track corporate earnings over extended periods. The accompanying chart demonstrates that while S&P 500 prices and earnings don’t align perfectly, they follow similar broad trajectories. This relationship exists because economic growth enhances earnings, which subsequently drives stock prices higher. Although the economy and stock market are distinct entities, they remain closely connected through corporate performance.
This connection explains how tariff impacts on profits can affect investors. Whether the stock market appears “cheap” or “expensive” depends not only on stock prices but also on corporate performance. The price-to-earnings ratio represents a stock or index price divided by an earnings measure, such as projected earnings over the next twelve months.
This means that even with unchanged prices, rising earnings make the market more attractive, while the reverse is also true. The current S&P 500 price-to-earnings ratio stands at 22.2x, significantly above the historical average of 15.8x and approaching the historic dot-com bubble peak of 24.5x. While current earnings trends appear positive, the stock market’s continued attractiveness will depend on economic growth and earnings performance.
The bottom line? This earnings season may offer valuable insights into how tariffs affect consumers and businesses. For investors, understanding these developments while maintaining focus on long-term planning remains the optimal approach to achieving financial objectives.
- https://budgetlab.yale.edu/research/state-us-tariffs-july-23-2025
- https://insight.factset.com/topic/earnings
- https://investor.gm.com/static-files/eaf4a73f-ef85-4134-8533-902e6a9a8177
- https://www.clevelandcliffs.com/investors/news-events/press-releases/detail/678/cleveland-cliffs-reports-second-quarter-2025-results
Your Wellness Navigator and Holistic Health Guide: Christine Despres, RN, NBC-HWC, CDP
The Wellness Industry Is Booming—But Where Do You Fit In?
Finding balance—isn’t that what it’s all about as we age?
The “work hard, play hard” motto starts to fade in midlife—it’s just not sustainable anymore. Life is demanding: aging parents, children, careers, our own changing bodies. We want to know that what we choose to spend our precious time and energy on is worth it.
What healthy habits truly give results and add to our healthspan?
What’s a gimmick, and what’s backed by science?
What are your non-negotiables that help you look and feel your best?
How do we enjoy this stage of life—and still keep wellness at the forefront?
The Global Wellness Economy is valued at $5.6 trillion and projected to hit $8.5 trillion by 2027 (Global Wellness Institute, 2023). Healthy aging is one of its fastest-growing sectors, especially with over 1 in 6 people projected to be over 60 by 2030 (World Health Organization).
Consumers over 50 now control 70% of disposable income in the U.S.—and they’re investing it in brain health, supplements, fitness, and longevity-focused care (AARP, Nielsen). But what actually matters for you, your lifestyle, and your real-life wellness journey?
Let’s be honest—the wellness world is going hog wild. But healthy aging isn’t a trend. It’s a movement. One that puts prevention, brain health, and longevity front and center.
We can’t change the past. But we can make better choices today. And those choices will absolutely shape our future. Alzheimer’s disease begins 20 to 30 years before symptoms appear. During this “preclinical” phase, changes such as beta-amyloid plaque buildup and tau tangles begin silently damaging the brain. Because these changes begin decades earlier, prevention strategies—like nutrition, movement, stress reduction, sleep, and cognitive engagement—are most effective when started in midlife or earlier.
Small Habits. Big Shifts.
Simple, consistent lifestyle habits can make a huge impact on brain function, hormone balance, and resilience. The goal isn’t perfection. It’s supporting your miraculous body to do what it was designed to do—as naturally as possible. When we do that, we can adapt to life’s changes with more focus and strength. Here is what I’ve been focusing on…
The 6 Pillars of Wellness: Your Roadmap to Aging Well — Mind, Body & Brain
- Nutrition
Food is medicine but should be delicious. Nourish your body with brain-loving, anti-inflammatory meals that support energy, mood, and longevity. - Movement
Gentle, consistent movement supports circulation, bone health, mood, and memory. It doesn’t have to be intense to be effective. I love weighted walking and hot yoga. - Mindfulness
Mind-body practices like breathwork, meditation, quality sleep and intentional rest help regulate stress and protect cognitive health. - Detox
Daily detox is essential in midlife. Hydration is vital. Support your liver, gut and hormones through simple lifestyle practices that help your body clear what it no longer needs. - Brain Health
Mental clarity, memory, and focus are not a given with age—but they can be optimized through lifestyle, nutrition, and prevention strategies. Alzheimer’s is (mostly) preventable through healthy behaviors. - Hormone Health
Balanced hormones are the foundation of mood, sleep, metabolism, and brain health—especially through perimenopause and beyond.
Let’s make the second half of life the healthiest, most vibrant chapter yet.
Thanks for being part of my community.
This next chapter is about clarity, calm, and caring for ourselves in a whole new way.
With gratitude,
Christine
Your Nurse. Your Guide. Your Wellness Navigator.
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If interested in working with Christine directly, you can reach her through her email at christine@thewellnessnavigator.com orwww.thewellnessnavigator.com.
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That’s all for today.
Until next week,
All my best,
