Charlottesville, VA (CVILLE RIGHT NOW) – Among historic market fluctuations and mounting concerns over U.S. trade policies, Dr. Ed T. Burton, Professor of Economics at the University of Virginia, returned to Morning News to offer perspective. “Just a few weeks ago, the stock market was up 6% on the year. The average stock, we’re now down 20%,” Burton said, describing the downturn as one of the worst three-day stretches in American history. The conversation emphasized both the unpredictability and global scope of the market’s decline, citing Hong Kong’s 13% drop in a single day as part of the turmoil.

Burton didn’t hold back on his views of current U.S. trade policy. He strongly criticized the administration’s tariffs, arguing they harm American consumers rather than foreign governments. “All tariffs that the U.S. puts on products are paid by American consumers and importers… this is not a good thing,” he said. He went on to call for the elimination of tariffs, suggesting that any justification must be tied strictly to national security concerns. Otherwise, he warned, the policies risk long-term damage to global trade relationships and investor confidence.

Despite the uncertainty, Burton advised against panic-selling and instead urged long-term thinking. “If the market keeps getting bad, be thinking about how you can buy more stock… just as soon as you sell and run for the hills, the market will turn around and go up 10%,” he cautioned listeners. He predicted that the administration will eventually walk back its tariff policies, perhaps even within weeks, but stressed that credibility would also require a broader leadership change in economic policy.

Listen to the full conversation here: