What Trump’s tariffs could mean for the stock market, prices on goods

CROMBLEHOLME, WESH TWO NEWS. ALL RIGHT. HAYLEY, THANK YOU. MEANWHILE, A BIG STORY WE ARE FOLLOWING TONIGHT. PRESIDENT TRUMP’S TARIFFS SENT WALL STREET ON A ROLLER COASTER. TODAY. THE DOW AND NASDAQ EACH FELL MORE THAN 100 POINTS TODAY. AND THE S&P 500 FELL 0.8%. BUT THAT’S NOT AS BAD AS MANY FEARED THIS MORNING, WHEN THE S&P WAS DOWN 2% AND THE DOW LOST MORE THAN 600 POINTS. THE LOSSES WERE MINIMIZED AFTER MEXICO’S PRESIDENT SAID SHE HAD NEGOTIATED A ONE MONTH REPRIEVE FOR HER COUNTRY. WESH 2’S JUSTIN SCHECKER IS JOINING US LIVE THIS EVENING. JUSTIN, WE JUST LEARNED A FEW MOMENTS AGO TARIFFS FOR CANADA ARE ALSO ON HOLD FOR A MONTH. THAT’S RIGHT. JESSE MICHELLE CANADIAN PRIME MINISTER JUSTIN TRUDEAU JUST ANNOUNCED THAT DELAY ON TARIFFS. NOW, PRESIDENT TRUMP HAS SAID HE WANTS TO USE HIM AS A NEGOTIATING TOOL TO ADDRESS ISSUES LIKE ILLEGAL IMMIGRATION AND STOPPING THE FLOW OF ILLICIT DRUGS INTO OUR COUNTRY. BUT NEW TAXES ON IMPORTS COULD POTENTIALLY DRIVE UP CONSUMER PRICES. ROCK THE STOCK STOCK MARKET AND POSSIBLY KILL JOBS IN A TRADE WAR WITH OUR NEIGHBORS. SO FEAR OF THE UNKNOWN IS ONE OF THE BIGGEST CONCERNS HERE IN THE HERE AND NOW, BECAUSE PEOPLE JUST DON’T KNOW WHAT THE IMPACT WILL BE. THE FALLOUT FROM PRESIDENT TRUMP’S PROMISED TARIFFS ON CANADA, MEXICO AND CHINA IS CREATING UNCERTAINTY ON WALL STREET, WHERE ORLANDO BASED INVESTOR ADAM SARHAN POINTS OUT, STABILITY IS PREFERRED IF THE TARIFFS ARE WORSE THAN EXPECTED, THE STOCK MARKET CAN GO DOWN AND GO DOWN A LOT. IF THE TARIFFS COME BACK AND THEY’RE WEAKER THAN EXPECTED OR THEY GOT THERE, NOT AS LONG AS EXPECTED OR THEY’RE PUSHED BACK, LIKE WHAT HAPPENED WITH MEXICO OR WHATEVER THE CASE MAY BE. GUESS WHAT? THE MARKET CAN RALLY AND RALLY REALLY STRONGLY HERE. ECONOMISTS SAY THE SWEEPING TARIFFS COULD IMPACT THE PRICE OF EVERYTHING FROM PRODUCE AND AUTO PARTS TO LUMBER AND OIL. ALTHOUGH CANADIAN ENERGY PRODUCTS FACE A 10% TARIFF, COMPARED TO 25% ON OTHER IMPORTS, THAT WAS DONE ON PURPOSE. SO IT’S NOT AS BIG OF A TARIFF BECAUSE THAT IMPACTS EVERY DAY. YOU KNOW, ENERGY PRICES ARE AN INDIRECT TAX ON BOTH CONSUMERS AND BUSINESSES, BECAUSE IF WE PAY MORE FOR ENERGY, WE HAVE LESS DISCRETIONARY INCOME FOR OTHER ITEMS. SARHAN SAYS HE’LL BE WATCHING WHAT IMPACT THE TARIFFS MIGHT HAVE ON TOURISM IN CENTRAL FLORIDA, AND WHETHER FEWER CANADIAN SNOWBIRDS WILL VACATION IN THE SUNSHINE STATE. IT’S TOO EARLY TO TELL IF YOU KNOW WHAT THE IMPACT MAY BE, BUT IF YOU LISTEN TO WHAT THEY’RE DOING UP IN CANADA, A LOT OF THEM HAVE TO. THEY’RE MAKING ADJUSTMENTS, AND THOSE ADJUSTMENTS COULD CAUSE PEOPLE TO LOSE INCOME. YOU GET A BETTER SENSE OF THE TARIFFS IMPACT ON THE U.S. ECONOMY. SARHAN SAYS HE’LL BE WATCHING FOR THE MARCH JOBS REPORT, WHICH WILL TELL US THIS MONTH’S JOBS. HOW DOES THAT IMPACT DO WE SEE A LOT OF PEOPLE LOSE THEIR JOBS OR NOT? AND IF THEY DO LOSE THEIR JOBS, WHAT ARE THE BROADER CONSEQUENCES FOR THE ECONOMY? AGAIN, THE BREAKING NEWS JUST MOMENTS AGO, CANADIAN PRIME MINISTER JUSTIN TRUDEAU ANNOUNCING A 30 DAY DELAY ON THOSE U.S. TARIFFS ON CANADIAN PRODUCTS HAVE BEEN SET TO GO INTO EFFECT TOMORROW. NOW, PRIME MINISTER TRUDEAU HAD THREATENED TO IMPOSE TARIFFS ON THE U.S. IF PRESIDENT TRUMP ACTED ON HIS THREATS. LIVE IN WINTER PARK.