Stocks fall as tariffs take effect

CHARLOTTE, NC — Stocks are going down, cost of goods have gone up. It’s the price Americans are paying early on as the US begins its trade war with some of the largest foreign suppliers.

UNC Charlotte economic professor, Matt Metzgar, said economic volatility is common for new administrations and it could take months for a stable stock market especially after another startling day on Wall Street.

“The tariffs are a huge factor,” said Metzgar.

Economic experts are bracing for several industries to get hit hard as a result of the tariffs, especially the automotive industry.

Major retailers Target and Best Buy said on Tuesday they will be raising prices to offset costs.

“Very few Republicans are comfortable with 100% of everything that Trump is doing right now,” said WCCB political analyst and former Charlotte City Councilmember, Edwin Peacock.

Peacock said he still has confidence in Trump’s plan but believes the President needs to show results in the next 8 months.

“If we’re here at this time next year, they’re going to immediately be thinking about whether they’re going to be focusing on their next election cycle,” explained Peacock.

Peacock said volatility can be your friend if you’re a long term investor. Certified financial planner and founder of Worth Advisors, Glen Wright, agrees.

“When the market is down, that’s actually when we’re looking for opportunity and d so that’s what great investors do,” explained Wright.