SYRACUSE, N.Y. (NCC News) — President Donald Trump’s implementation of worldwide tariffs last Monday left the stock market stunned.
The New York Stock Exchange saw its worst day since the COVID-19 pandemic following Trump’s tariff announcement.
Experts say a trade war with China is not an unrealistic result in the near future, as the Chinese announced on Monday they’d be imposing a 34% tariff on U.S. imports.
Syracuse resident Brian Taylor spoke about how the tariffs have affected his stock market holdings.
“Obviously I’m worried about it,” said Taylor. “Especially because it’s unclear when it’s going to end because it’s completely self-inflicted by the U.S. government.”
Taylor said he is hopeful the market will improve in the coming weeks.
Syracuse constriction worker Matthew Staub is on the outside looking in on the NYSE, but still feels the effects of the tariffs that have been implemented.
“The only thing – I work for the City of Syracuse. Of course there’s a pension fund that’s probably affected by that,” Staub said.
Trump has since put a 90-day pause on most tariffs with the stock market subsequently bouncing back. Trump, however, has maintained a sizable tariff on Chinese imports.
AUDIO TRANSCRIPT: Central New Yorkers react to stock market losses amid Trump tariffs
Noah Schuler: Following President Trump enacting worldwide tariffs late last week– the stock market saw its worst day since the COVID-19 pandemic.
Schuler: The bearish market has sent Americans with retirement funds into panic as a possible trade war with China looms.
Schuler: Syracuse resident Brian Taylor.
Brian Taylor: Obviously I’m worried about it, especially because it’s unclear when it’s gonna end because it’s completely self-inflicted by the U.S. government.
Schuler: For city workers– government employee retirement plans are the biggest of their concerns.
Schuler: Construction worker Matthew Staub.
Matthew Staub: The only thing– I work for the city of Syracuse, of course there’s a pension fund that’s probably affected by that.
Schuler: Trump has since put a 90-day pause on most tariffs – causing a stock market rise.
Schuler: Noah Schuler, NCC News.