Mitchell explained that tariffs are simply a tax on business, which is usually passed onto customers. "They tend to not lead to greater economic gains. They tend to not lead to greater job gains. But inevitably, they're still pretty attractive politically," Mitchell said.
The immediate fallout, a plunging stock market, is scary for investors. "If you're watching the news today, you're probably emotional. You're probably concerned. And the advice that we give always is don't panic. I would avoid all emotional decisions. You do not want to sell off your 401(k) today," Mitchell said.
Most inventory in stores right now will not be subject to tariff price increases, but prices could be going up soon.
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