(ABC 6 News) — Stocks plummeted on Thursday with its biggest one-day loss since before the pandemic.

It comes following sweeping tariffs by President Donald Trump on Wednesday.

Economists say impacts on Americans could result in higher prices and even losses in retirement and investment accounts.

However, one financial expert who spoke with ABC 6 News said people should not panic.

“I think we should take a close look at how we’re invested and make sure that we are properly diversified and well allocated for our needs. Should we make a knee-jerk decision for our future, for our retirement based on what’s going on right now? Absolutely not,” said Amy Wagner, a financial advisor for Allworth Financial.

As for Wall Street, approximately $2.5 trillion were wiped out in the market on Thursday with the Dow Jones dropping nearly 1700 points.