FOX 31: Experts weigh in on potential tariff impact

April 4, 2025

DENVER (KDVR) — The stock market suffered its worst day since COVID-19 shook the world in March 2020.

A worldwide sell-off is happening after President Donald Trump announced sweeping tariffs of at least 10% on most items imported into the United States.

Experts acknowledge many of the outcomes from the new tariffs are still unknown, but they said Colorado consumers should be prepared to pay more for a lot of items.

There is also a concern that the tariffs will hurt local economies, with prices agencies pay to run the government going up. While we have never been in a situation like this before, experts said many may need to save up during this time.

“If you are paying month to month as far as expenses are concerned, if you are in that income bracket, then we have to find ways to cut down on some luxurious expenditures. If we are not in that income bracket and we make a whole lot more than what we need to pay our bills, then this is an excellent opportunity to invest and buy the lower-priced stocks,” said Kishore Kulkarni, distinguished professor of economics at MSU Denver.

Gov. Jared Polis has been vocally opposed to the tariffs since late 2024, saying they will increase the cost of everything, as well as the size of government.