Don’t panic over tariffs, stock market turmoil

Updated: 6:59 PM EST Mar 5, 2025

President Trump’s tariffs on Mexico and Canada take effect, causing jitters on Wall Street and Main Street 

GIBSONIA, Pa. – President Donald Trump’s tariffs on Mexico and Canada took effect Tuesday, causing jitters on Wall Street and Main Street. A Gibsonia-based financial planner said consumers and investors should keep calm.

“Tighten your belt, put some extra money away, be ready for higher prices. Worst case scenario, this gets worked out, and you’ve got some extra money set aside,” said Richard Sabo, of RPS Financial Solutions. He and other experts said the tariffs will make it more expensive to buy groceries, household goods and big-ticket items like cars. On Wednesday, the Trump administration announced a one-month tariff exemption for U.S. automakers on imports from Canada and Mexico. Still, consumers said they are concerned.

“It will affect me a lot. I have two small kids, and I’m a single mom and I enough to be able to buy what I need for the whole month. So, I have to make sure I do my due diligence to save my money,” said Taylor Matthews, of Ambridge. 

“As far as I’m concerned, a tariff is another form of tax,” said Jim Ruperto, of Ohio Township. The stock market plunged on Monday and Tuesday but rose on Wednesday on the news that auto tariffs would be paused. Sabo said investors should make sure their portfolios are well-balanced and avoid panic selling. “Don’t panic about the stock market if you’re in it, based on the fact it always goes up and down,” Sabo said.

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