China imposes tariffs on American goods, sends stock market plunging
It was a shakeup on Wall Street Monday.
China struck back after President Trump hit hard with steel and aluminum tariffs. The country just imposed a 25 percent tariff of their own on American products—mostly food—sending the stock market into a frenzy.
“I’m pretty sure people were understanding China would have a reaction, but it appears to be largely ceremonial. It’s $3 billion—but only three out of the $80 billion we export so not a huge amount,” said Richard Ringgold, a certified financial planner.
Ringgold says people lost money Monday, but it’s only temporary, saying $3 billion will hardly make a blip on the radar.
“I don’t think there will be a national impact here because they need most of what we’re bringing, so I think that’s gonna continue,” he said.
Pork farmers and wine makers will feel the biggest impact from the tariff increase. But Ringgold says you shouldn’t expect to see prices go up at the grocery store, or worry about a trade war.
“It’s a very small effect probably mostly for show,” Ringgold said.