NOVI, Mich. (WXYZ) — There are rising Concerns amongst consumers over President Trumps tariffs and the ongoing tensions between Canada, China, and Mexico, which have led to a notable drop in stock prices The Drop in the Stock Market could lead to increased costs on food, gas, oil, and metals for businesses and consumers.
As the trade war heats up, consumers I spoke with in Novi say they have concerns about their financial future, while others say it's a game of wait and see.
"I definitely am concerned," said Kevin Brock.
"Concerned but not too worried," said Diane Moon.
"I am not overly concerned right now," said John Engebretson.
"I am not outrageously worried about it," said Colleen Love.
"I am a bit concerned," said Richard Higinbottom.
The economy is on everyone's mind right now as growing concerns rise amongst consumers since new tariffs between the United States, Canada, China and Mexico have gone into place.
"I am worried about these sanctions with Canada," Diane said.
"I have retirement savings and i am always looking for those to expand or grow," Richard said.
"Things had gotten really bad, I would love for it to improve. I see some areas where it's going to," said Colleen Lowe.
While some say it's a game of wait and see.
"There's a reason for concern but i think we have to give it time," Kevin said.
"The Trump Administration is playing a negotiating game with these other countries to see if they can get a better deal for the United States," John said.
However, these newly enforced tariffs could have implications for consumers trying to save their money, like Kevin and Colleen.
"I have been doing that for a long time and will continue to do so until we see the effect on what these tariffs are going to be like," Kevin said.
"Everyone is watching their pennies things had gotten really bad i would love for it to improve," Colleen said. "I see some areas where it's going to."
"Consumers are likely going to see higher costs," said Tamma Captial President and investment advisor Paul Fenner.
Paul also suggests that consumers should brace for continued volatility.
"I would expect this volatility to continue throughout the next couple months," Paul said.
The hope is that negotiations will ease the tensions between the U.S. and Canada, China and Mexico.
"China is a different animal but i think Canada and Mexico we will come to an agreement because we are partners," John said.
