DETROIT, Mich. (WXYZ) — U.S. stocks plunged this week following President Donald Trump’s announcement of worldwide tariffs.
As we look at stock futures on Sunday, another big drop is expected with the opening bell on Monday morning.
Wall Street, business owners and consumers bracing as President Trump’s tariffs on more than 50 countries are set to go into effect later this week.
The major U.S. markets plummeting last week when the tariffs were announced, more than $6 trillion lost in two days.
“I think what we should be worried is what a negative stock market means,” said financial expert Joe Saul Sehy. This means that people don't have as much faith in companies.”
Saul Sehy explained why it’s important for people to pay attention to what’s happening with the stock market.
“If you don't think about the market, you think about what makes up the market, companies like Coca-Cola, like Nike, like Microsoft, these products we use every day,” said Saul Sehy. “When their stocks go down, that means investors don't have as much faith that they can produce a profit, which means that we all may see higher prices."
Saul Sehy says if you are investing in the stock market, the best thing to do is not to panic when it goes down.
“I don't think you should be selling, if you look at when you need the money, if you need it more than 5,6,7, 10 years from now, please don't take out the mouse, go to your website where all your stuff is and click this to go sell your stuff, please don’t,” he said.
We also caught up with some metro Detroiters to learn their feelings about the market.
“I think in the long term, we’ll be OK. I think the changes have been too fast and too quick,” said Johnny B.
“The stock market is psychological, if we keep it in there we’ll be OK but I’m just going to wait it out and see how it goes” said Andy Dombrowski.
Meanwhile… Joe Saul Sehy says between the stock market uncertainty and the tariffs, he thinks people should think about getting their budgets in order.
I think this is a time when we need to track our expenses, we need to figure out what the budget is, figure out what's important to us, and dump the rest, because you're gonna start seeing prices go up and that's what I'm afraid of,” Saul Sehy added.
Amid the uncertainty on Wall Street, President Trump has insisted these tariffs will spark “economic revolution” driving businesses and jobs back home.
