Stocks slump after U.S. proposes new tariffs on China

stop slump Wednesday after the Trump Administration released a list of 200 billion dollars worth of Chinese good that could be hit with Tara and China said it would retaliate down 42 and the S&P fell nearly 20 Jill Schlessinger reports on what these tears could meet for the average American by imposing additional carats of 10% to 200 billion dollars worth of Chinese Goods the next round of Trump Towers could hurt consumers the price of everything from Seafood to shampoo and soap cameras refrigerators and even baseball gloves could rise already the current Lumber Terrace have about $9,000 to home prices that’s according to the National Association of homebuilders and building supplies could increase them even further sidelining many first-time home buyers from the market food equipment manufacturer said Terrace could raise prices at Chick-fil-A simply by increasing the cost of a pressure cooker used by the restaurant Terrace could also impact American jobs both Harley-Davidson and BMW she said they would move some us production overseas they can’t just pick up and go to another location and also think about this most small businesses don’t have enough cash on hand just to absorb price increases what’s going on specifically those small business and maybe medium-size ones as well be stabilizing an escalation be overall to the economy this year strongest rate since 2005 that are already in place 50 billion dollars with China and the us the steel the aluminum the lumber the European Union Canada Mexico all those thing taking that together we’re talking about shaving off just maybe a 10th or two tenths of a percent but if this were to go into 200 billion dollars I’m not suggesting it we’re going into a recession that’s not likely to happen this year but this certainly is going to hurt you as growth it’s the full force of all these terrorists are implemented money in the markets how should they be thinking about this how should they be reacting and what would your advice be to investors because you’re talking about 5:10 probably 20-30 years in the future don’t do anything and frankly these trade pickups actions potentially wore this could hurt US economy in the short run in the long run as an investor you got to stick to your game plan I know it’s tempting of the news psycho you get nervous yes so again strong economy companies are still growing their profits and you don’t need your money until decades into the future so stay the course all right thanks so much gel great to be with you
Stocks slumped Wednesday after the Trump administration released a list of $200 billion worth of Chinese goods that could be hit with tariffs and China said it would retaliate. CBS News business analyst Jill Schlesinger joins CBSN to discuss what this could mean for the average American.

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