How increasing tariffs can impact what you pay at the store NBC Connecticut [Video]

The day after Donald Trump was declared the winner in the race for the White House, the stock market soared 1,500 points on Wednesday.

But are we heading into a trade war with China when President-elect Trump takes office, and what will that mean for your wallet if we do?

NBC Connecticut’s Mike Hydeck spoke with Heath Grossman, a partner at the financial planning firm Johnson Brunetti.

Mike Hydeck: First up, on the campaign trail, President Trump says he wants to tax imports from China 60% and all other countries, including like Canada and Mexico, 20%. Some economists say that that’s going to drive up inflation. What’s your take?

Heath Grossman: Yeah, so what we’re talking about is tariffs. Tariff is ultimately an additional tax on imported goods. And a lot of people will say that that tax is paid by the exporting company or country, but really, that’s not true. I …