As global markets react to Trump's tariffs, how will they impact the working class?

Shara Dae Howard
July 02, 2018 - 7:50 pm
United States President Donald J. Trump participates in a meeting with the Prime Minster of The Netherlands, Mark Rutte, at The White House in Washington, DC, July 2, 2018.

Chris Kleponis/Pool/Sipa USA

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PHILADELPHIA (KYW Newsradio) — President Donald Trump's imposition of tariffs on imported steel and aluminum is rippling through the global economy.

Sharon Freeman, founder of financial consulting company Gems of Wisdom, said tariffs are not the illness but rather the symptom of globalization.

"Tariffs are only one part of a larger issue of globalization — how to manage it, what the impacts of it are," she said. "All over the world what has been realized is that it is very hard to position the middle class uniformly across all sectors to equally benefit."

When tariffs are implemented against trade partners, the middle class historically has been left out as the upper classes benefit.

And Freeman believes with cause, there is an effect.

"One thing is clear: If we impose them, there will be retaliation," she said.