Local financial professional discusses stock market plunge following Trump tariff announcement

MILWAUKEE (CBS 58) -- Stocks dropped sharply on Wall Street after President Trump announced broad new tariffs affecting imports from multiple countries.

Brad Allen of Drake & Associates joined us on Friday, April 4 to discuss recent volatility in the markets following the announcement. On Wednesday, Trump unveiled a baseline 10% tariff on all imports effective Saturday, April 5, with higher rates targeting China and the European Union beginning Wednesday, April 9.

The Dow Jones industrial average fell by more than 1,100 points Friday morning, while the S&P 500 lost 3.24%. Investors shifted funds into safer assets such as gold and Treasury bonds amid uncertainty over increased costs to consumers and businesses.

Allen suggests expecting continued volatility in the months ahead and urge investors to avoid panic selling and consider diversifying their portfolios.