WACO, Texas (KXXV) — With Trump’s recent tariffs placed on all countries except Russia, economists are concerned.
25 News spoke to one expert who said this could hurt the lower to middle class in Waco.
Last week was the worst week for the stock market since 2020.
That after President Trump implemented 10 percent blanket tariffs on all countries last Wednesday calling it “Liberation Day”.
But that has economist Thomas Fellows concerned for Waco’s middle class because he’s expecting prices to rise.
"It’s going to be rough because they spend as much as someone in upper class, but it will take up more of their paycheck," Fellows said.
He recommends buying generic at the store when you can.
"They’re going to be in serious trouble because they don’t have discretionary spending."
He also says he's concerned the latest stock market dip will affect those in Waco who are nearing retirement.
"The wealthy in their 60s who are planning on retiring your 401K could have decreased 15 percent in last few weeks," Fellows said.
President Trump has reacted to the plunging stock market on his truth social.
"Oil prices are down… there is no inflation. Be strong, courageous and patient and greatness will be the result," President Trump said.
But Fellows says global trade is important right now.
"When you look at our global economy the genie is out of bottle so we need to trade with global partners," he said.
President Trump is also threatening a 50 percent tariff increase if they don’t withdraw their own retaliatory tariffs against the U.S. by a Tuesday deadline.
