- Wednesday proved a game of cat and mouse between President Trump and China over tariffs on imports.
- Local experts said this economic uncertainty will be felt in the pockets of the everyday consumer.
- Watch the video to hear how one local business is navigating these taxes and to find out how you can best prepare amid the uncertainty.
BROADCAST TRANSCRIPT:
President Trump's tariffs Wednesday causing retaliation from countries all around the world. Here in our community, we're finding out how these taxes will impact our local economy, hearing from one local appliance store about impacts their seeing, and working out ways you can prepare amid this economic uncertainty.
Countries on high alert Wednesday as President Donald Trump decides to pause tariffs for 90 days on all countries, except for China.
The game of cat and mouse continues between the U.S. and China over tariffs.
While this is a global trade war, Florida State University Professor Randall Halcombe said impacts will be felt locally.
"The local impact is mostly going to be felt in higher prices and President Trump's tariffs seem to be on again, off again," said Holcombe.
These taxes have caused businesses like Appliance Mart to feel blessed that they are not having to navigate international deliveries.
"A lot of our inventory is in the U.S. already," said General Manager, Kafui Ablordeppey. "So we're not really having to import things from across the country. They're sourced primarily locally, Jacksonville, in the South region."
As a local business, Ablordeppey said he feels the responsibility to protect their returning customers.
"I feel like especially in this business, we're providing a service," said Ablordeppey. "People need what we offer and we can't be that company that gouges the prices to try to hurt people when things are already uncertain."
Many families are struggling right now.
"Do not make emotional decisions right now. Do not make rash decisions," said George Pikounis, Financial Advisor with Burns Estate Planning and Wealth Advisors.
Pikounis said the best thing you can do right now is not panic.
"Work with someone to create a plan so that you can stick to it," said Pikounis, "I think if you're able to do that, take emotion out of it. It is scary right now."
According to an October article from Bank of America, around a quarter of all US households are living paycheck to paycheck. Pikounis said to not make any knee jerk reactions right now in response to the stock market.
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