Understanding Tariffs, Trade, and the Federal Deficit’s Ripple Effects
On September 10, 2025, financial professionals gathered at the Orinda Country Club for a compelling luncheon presentation titled “Economic Impact of Tariffs, Trade Negotiations and the Administration’s Plan for U.S. Deficit.”Hosted by FPA of the East Bay, the event featured renowned economist and ETF strategist Herb Morgan, Sr. Managing Director and CIO of Cantor Fitzgerald.
Making Sense of Macroeconomic Shifts
With a wealth of experience in global markets and investment strategy, Herb Morgan delivered a data-rich yet accessible breakdown of the complex forces shaping today’s economic environment. Drawing from his decades of experience and thought leadership in ETF management, Herb provided timely insights into how international trade policy and federal fiscal planning intersect with inflation, interest rates, and portfolio performance.
From policy headlines to portfolio implications, Herb helped attendees bridge the gap between theory and action.
Key Takeaways from the Event
Tariffs, Trade & Portfolio Risk
Herb walked attendees through the current state of global trade negotiations and their impact on U.S. markets—highlighting how protectionist policies can influence inflation, disrupt supply chains, and affect asset allocation.
Understanding the Deficit Strategy
The session covered the administration’s approach to managing the federal deficit, its effect on interest rates, and what fiscal shifts mean for client conversations about government spending and debt sustainability.
ETF Positioning in Uncertain Times
As a leader in ETF portfolio construction, Herb shared practical ideas on how financial advisors can prepare for market volatility by leveraging ETF strategies to enhance diversification, liquidity, and cost efficiency.
Client Communication Best Practices
Herb emphasized the importance of clear, grounded communication in a climate of uncertainty—equipping planners with language and frameworks to help clients stay calm and focused.
Engaging Dialogue and Professional Exchange
Following the presentation, attendees engaged in a vibrant Q&A session, sharing their own perspectives and asking thoughtful questions about global trade, policy trends, and ETF implementation. The Orinda Country Club setting provided the perfect backdrop for both formal learning and informal networking among fellow professionals.
Special Thanks to Our Sponsor
We gratefully acknowledge the generous support of:
Mason Billock
Invesco
📞 415-370-6156
✉️ [email protected]
🌐 invesco.com
A Note of Appreciation
FPA of the East Bay extends sincere thanks to Herb Morgan for sharing his time, expertise, and perspective on one of the most critical topics facing today’s financial advisors. His session offered not just insight, but actionable direction on how to adapt client strategies in a shifting economic landscape.
Looking Ahead
As markets continue to evolve, so must our understanding and approach as financial professionals. The FPA of the East Bay remains committed to hosting educational events that empower planners to lead with clarity, confidence, and care.
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