Jamie Cox | Source | Managing Partner at Harris Financial Group

Investors will start to feel the effects of the escalating trade conflict as the tariffs themselves move from proposed to implemented status. To date, only a very small amount of tariffs are fully implemented; therefore, the full effects both on the economies of the countries involved and the equity values of the affected companies are not yet felt on a broad scale.

It's very possible that, with the new tax legislation, and some of the things that are going on, that the economy could go into recession in a couple of years.