Investors have panned President Trump's tariffs, saying they are likely to hit U.S. economic growth and drive up inflation. Goldman Sachs economists cited the barrage of levies on Monday in raising the odds of a recession to 45%.

U.S. equity futures tumbled in early Monday trading, while Treasury bonds and gold prices rallied, as global markets reacted to the threat of damaging trade tariffs from President Donald Trump that could tip the world's biggest economy into recession over the coming months.

With the stock markets up and down and tariffs on and off everyone including retirees may wonder what it means for the economy. Here's what the experts think.