Stocks took a dive Thursday morning after President Donald Trump outlined his plans for widespread tariffs.

Beginning Saturday, the U.S. is set to charge a 10 percent tax on imports across the board with “reciprocal rates” starting next week. Those include a 34 percent tariff on Chinese goods and 20 percent on those coming from the European Union. China’s government has said it will retaliate.

Allison Luedtke, department chair of economics at St. Olaf College, joined Minnesota Now to break down what this could mean for Minnesota consumers and businesses.