Climate change and bird flu are already driving up food prices. Trump’s tariffs are about to make it worse. Life these days is expensive. The lingering effects of the pandemic, Russia’s invasion of Ukraine,

U.S. President Donald Trump has made numerous tariff threats since returning to office on January 20, ranging from a universal duty on imports to targeted tariffs on specific sectors or countries, in a bid to get others to meet his policy demands.

Tariffs have historically triggered market volatility. When the Trump administration announced tariffs on China, markets dropped sharply before making a near-total recovery that same day. Investors should focus on long-term goals and consult their financial advisors before making portfolio changes.