Stocks tanked Monday after Chinese officials said they would impose tariffs of up to 25% on $60-billion dollars’ worth of U.S. goods starting June first. This follows President Trump imposing tariffs of 10 to 25% on $200-billion worth of Chinese goods.
KTRH moneyman Pat Shinn says don't panic.
"I don't see the tariffs from China on U.S. goods causing a big problem to our GDP so I think this is more of a knee-jerk reaction; computer sell programs kicking in."
Shinn says one reason Wall Street tanked was because those computer sell programs sell off everything, including items that are not connected to China.
"Even stocks with very little exposure to tariffs from China will go down just based on the fact that -- especially on a day like today (Monday) -- we're seeing computer sell programs."
Shinn says investors shouldn't panic; stay the course.