President Donald Trump's 25% tariffs on Mexican and Canadian imports, along with an additional 10% tax on Chinese goods, bringing the total tariff to 20%, took effect Tuesday, triggering a trade war between the U.

A Gibsonia-based financial planner said consumers and investors should keep calm. "Tighten your belt, put some extra money away, be ready for higher prices. Worst case scenario, this gets worked out, and you've got some extra money set aside," said Richard Sabo, of RPS Financial Solutions.

A video of the Dow dropping as Trump discusses tariffs on TV has gone viral, sparking concern about the economic impact of his latest move.