How trade wars and tariffs affect you

Personal finance expert Bola Sokunbi discusses how the trade war between the U.S. and China will impact the consumer's wallet and bottom line.
4:18 | 05/13/19

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Transcript for How trade wars and tariffs affect you
So what does all of this disruption in the gulf. I mean for you what does it mean for your bottom line and we Britain would like to bring in now an expert bola SE Koon B she's a certified financial education instructor also the founder of clever. Girl finance. For some tips and what to make sense of this market. Shake up today on all of this foreign news bowl it's great to see you. I so what do you tell people really unnerved. By the market the past weaker showing what they're seeing today over on Wall Street. You know all these issues going on with the China trade alliance the grand isle and Sarah they have a direct impact on your indoor carpet because what's happening is backed while. The cost of the pinnacle potentially we'll all be issues. Your income is not going indirect. Worsened she what's happening right so that means when you're purchasing meat imported goods into the gas on to purchase gas. Intensity costing you more money. And it's important that you aren't a good understanding of financial aid tourists they can start to navigate these issues in your own personal economy. And in wingtip you know tariffs we keep hearing or will hurt people I think it's. Difficult. For a lot of us to actually draw that line. From these sort of you know these these theoretical tariffs out there on Chinese goods and and what we see when we go to Kmart or target. How soon do you think the prices walk she start to go up on some of these goods that are being brought in from China. And in good depends on. How many accident illegally look into the experience the and also how soon this inventory currently existing meet their financial. And so you begin to see it very quickly it at this article in the still or is it active gas. And how can all of us then. Minimize the damage and protect ourselves from all these tariffs. It's made it clear picture of their finances and the greening our. Economy. Like I said your incomes up and away beat the cost of meat could be that her opinion one in. Eagles aren't the budget and it easily giving yourself I'm am any meeting any. And looking out what area any act and I'm absolutely because you want to be able to stretch your dollar in guess in this situation. How do you want to keep in mind is that when. Economies are to get tights you want to all rates essentially. He. Seating in Clayton if you happen. Exit rate to our meeting amounts toward that accounts to help weather and my situation and went in the Philippines are more expensive and how much free money and I'm if you tap high interest at high into it that is a great time to focus on paying that down so that he can start to take any time that her payments once the un and under other parties see me when investigating. And it's also important that you T long term debt to the ninth a lot of people are panicky because what they're seeing a line in the rain. However you either start terms that are happening in. Potentially investing long term. 2030 years to retirement and this is probably just latch and you know how I don't go out tax now are selling at me being that US and because what's going on the economy right now. And then. I can't say 180 about at least increased income right it could be. Broke better paying job getting a part time dot. Lincoln being housed that you don't need a listing them on. I. Need to get an additional eight inch. And then you can be those aren't that came down an Opel emergency meetings. Smart advice all of rowdy rumor not in a scary time on the markets for sure but also good reminder boat. That some of that pain in our retirement investment bank accounts is not actually felt. Until we sell so just hang on fasten the seat belt. And waited out appreciate that advice and all that good stuff ballistic Koon B founder of clever girl finance great to see you both thank you.

This transcript has been automatically generated and may not be 100% accurate.

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