How China's Stock Market Tumble Is Affecting the US

Investors are worried that the second-largest economy in the world may cool.

1. U.S. Stock Market and Your 401(k)

2. American Financial Companies

Americans are unlikely to be directly affected by financial events in China to any significant degree, according to Barry Bosworth with the Brookings Institution.

3. Trade

"Even if it has an impact on the Chinese economy and Chinese incomes, the effect on the United States would be limited because we do not export very much to China," Bosworth said.

But as the second-largest economy in the world, and normally an important stimulus to global growth, the ongoing concern is that China's stock market sell-off is translating into lower stock prices for multinational corporations.

While it is a big concern for corporations and some employers with large ties to China, Bosworth said, "Such considerations are second-order small for U.S. consumers."

Lindsey Piegza, chief economist with Stifel, told ABC News today there may be a silver lining for the U.S. consumer in China's market problems.

"A decline in global demand, led by a slowdown in Europe and China will continue to result in declining import prices, creating an ever more benign inflationary environment at home," Piegza said.

She notes that a decline in global demand translates into a decline in the demand for raw materials and commodities, which could offer the U.S. consumer even more price reprieve outside of energy.

"Of course this is double edged sword, as a decline in global demand particularly Chinese demand is two-sided and will further erode U.S. export demand and manufacturing, sending business and revenues overseas," Piegza said.