President Donald Trump on Wednesday announced a slew of tariffs on countries around the world, instituting a minimum 10% levy on goods imported into the U.S.

The stock market tumbled on Thursday, with the S&P 500 dropping 3% — on track for its worst day since September 2022, CNBC reports. Economists and business leaders alike are sounding alarm bells for what the tariffs could mean for American consumers. 

Other than seeing declines in your portfolio, you may not feel the impact of tariffs right away. While it's expected that prices consumers pay for imported goods, and potentially those made in the U.S. using foreign parts, could increase, it won't happen overnight. 

You may be tempted to stock up on certain goods before prices begin to rise. Some prominent people are even recommending it.

"It's not a bad idea to go to the local Walmart or big box retailer and buy lots of consumables now," billionaire Mark Cuban said in a post on Bluesky on Wednesday. "From toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory." (Cuban did not immediately respond to CNBC Make It's request for comment.)

Stocking up on essentials may give you some peace of mind if you have financial means and storage space. But experts generally warn against panic shopping right now, especially if you're already strapped for cash.

"At the end of the day, [consumers] will be able to get the goods they need or want, but [may] need to pay more for them at a later date if the tariffs are implemented," Lawrence Sprung, a certified financial planner based in Long Island, New York, said ahead of Trump's announcement.

'Pick things that you can control'

Tariffs, like those imposed on Canadian lumber, may affect prices for items like toilet paper, Bloomberg reported in March. Additionally, volatility in the stock market ahead of and in response to the tariff announcement has renewed fears of a coming recession.

However, even if a recession is coming, you shouldn't "let headlines drive your decisions," Jason Gilbert, founder and managing partner of RGA Investment Advisors, said ahead of Wednesday's announcement.

Focus on what you can control, such as bolstering your emergency fund and reviewing your budget, experts say.

"It is really important to try to pick things that you can control and that you can make an impact and difference on at the moment," Catherine Irby Arnold, senior vice president and Washington market leader for U.S. Bank, said ahead of the tariff announcement.

You can't control prices, for example, but you can control what you're spending your money on, Irby Arnold says. It may be a good time to take stock of your spending and see if there are any areas where you can make cuts, such as on impulse buys or unnecessary subscriptions.

When it comes to larger purchases like cars or home appliances, if you don't need a replacement immediately, it may be wise to wait and see what price swings actually look like, Sprung said. 

"Prioritize those needed purchases and … do your homework on what to expect the impact of the tariffs to be on the goods," Sprung said on Thursday. "Stay informed and educated."

In addition to reading up on expected impacts, Sprung suggests shopping around and "looking at manufacturers that produce the goods you need in lower-tariff areas or domestically here in the United States to avoid the tariff altogether."

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