Spokane residents concerned as stock market plunges amid new tariffs

SPOKANE, Wash. — The stock market has plunged to its lowest point since the pandemic. This comes along with a new 10% baseline tariff on imports from almost all countries taking affect on April 5, leaving Spokane residents concerned about economic stability.

“I think it is a very bad idea. I think an awful lot of people are going to be hurt by it and I think there is going to be a lot of political push back. I am not expecting this to last long, just because of how traumatizing it is going to be for the economy,” said Spokane resident Dayle Damron.

While some residents said the tariffs were necessary “short-term pain” for the economy, others are already feeling the impact.

Mary Delateur said the tariffs led to her decision to postpone buying a new vehicle.

“It does affect me, but it also makes me realize how many people need a new car, and just can’t afford it anymore,” Delateur said.

Ryan Herzog, an economist from Gonzaga University, puts the situation in stark historical context.

“We haven’t seen this impact, this degree of tariff usage since the Great Depression,” Herzog warned.

He emphasized that all consumers will feel the effects, with low-income households bearing the heaviest burden.

“These are the ones that are, you know, you look at who is shopping at Walmart or Target, some of the bigger box stores, they’re going to see prices go up,” Herzog explained.

The Associated Press reported that JP Morgan has raised its probability of a recession by the end of the year from 40 percent to 60 percent.

Those nearing retirement who are seeing impacts on their 401(k) or Roth IRA accounts should seek professional guidance, according to Herzog.

Despite the gloomy outlook, Herzog offered some reassurance about the economy’s resilience.

“I think the U.S. economy is pretty resilient. We can respond pretty quickly to these events as long as we know what the events are,” he said. As the tariffs take effect on Saturday, economists will be closely monitoring their impact on consumer prices, employment rates, and overall economic stability.