Tariff impacts: Financial expert explains impacts on stock market [Video]

Just two days in, the economic impact is already being felt.

According to finance experts, the stock market index—a key measure of market performance—dropped by 3% within 24 hours of the tariff announcement. 

That decline could mean losses exceeding $3,000 for some investors and their financial portfolios.

University of Toledo finance professor Collin Gilstrap said the tariffs will have widespread effects across multiple industries, but consumers will likely bear the brunt of the economic shift. Essential goods such as gas, oil, metals, and food are expected to see price increases, adding to household expenses.

“Consumers will feel it most in the rising costs of everyday goods,” Gilstrap said. 

Experts are advising individuals to cut unnecessary expenses and save where possible.

Gilstrap said a major factor behind the market’s drop is uncertainty over global trade. Gilstrap …