BILLINGS — On Saturday, President Donald Trump's 10% tariff tax on several foreign countries began.
While Trump expresses optimism in regards to economic prosperity for the United States, many investors and financial experts remain nervous.
Financial advisers spoke with MTN about these possible concerns.
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For the first time since August, the market index has fallen below 40,000 points, with the Dow Jones Industrial Average falling over 2,000 points on Friday.
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"The market underestimated how strong the tariffs were going to be, and it's very serious," said Billings financial adviser, Gary Buchanan with Buchanan Capital, Inc. Friday.
Those worried about the long-term effects of the stock market tumble were found on the streets of Downtown Billings, Saturday.
"It was devastating. (In the) last two days, 20 percent loss in my retirement that I have. I don't know what's going to happen here," said Billings resident and Montana politician, Ming Cabrera.
Cabrera says he is worried about "people who are just trying to make it," during this time. However, he expresses hope that the market will recover.
"No matter what, it's going to come back. So, keep going... and we'll make it happen," he said.
Tax attorney and Seattle resident, George Bonini was also on the streets of Billings Saturday.
Bonini told MTN he was visiting Billings for a high school reunion, and has similar opinions to Cabrera.
"I have broad concerns about arbitrary policy making, creating market volatility, and destroying hard earned wealth," he said. "(I'm) cautiously optimistic... that the NASDAQ and the S&P will be where it was 30 days ago."
Regardless of concerns, President Trump remains confident in the market, and believes the best is yet to come.
"We've never seen anything like it. The markets are going to boom. The stock is going to boom, and the rest of the world wants to see is there any way they can make a deal," Trump told a journalist in Washington D.C. on Thursday.
On the contrary, Buchanan told MTN that Trump's tariff policies is what has led to what he refers to as, "self imposed wounds."
"I've never seen a market that is so reflective of a policy decision," Buchanan said. "This is solely due to tariffs and is having repercussions across markets."
Despite present day down turn, Cabrera and Buchanan recommend to diversify your stock portfolio, and to leave stocks and retirement funds alone.
"Keep what you have in there, as usual. I wouldn't touch that all," Cabrera said.
"I think the object is to be careful. And our politicians on both sides have to start to reckon with the tariff issue. It's extremely dangerous," Buchanan said.
