ALBUQUERQUE, N.M. – Stocks took a huge nosedive Thursday, losing more than $3 trillion in market value. These are one-day losses we haven’t seen since the pandemic.

Economists say we are not in recession territory yet, but there are already impacts on everything from retirement savings to the value of the dollar.

Meanwhile, there are still a lot of questions on exactly how this will impact businesses, who will have to pay more to buy things from overseas that will in turn cost you more money.

But some New Mexico manufactures are looking for ways to take advantage of the situation, and come out on top of this trade war with the world.

“It’s another business challenge,” said Jennifer Sinsabaugh, CEO of the New Mexico Manufacturing Extension Partnership.

The nonprofit promotes manufacturing in the state and helps business figure out strategies and technology to become more efficient.

Sinsabaugh is encouraging New Mexico businesses to look at the new Trump tariffs.

“We have got to figure out what the solution is forward. How do we work with it where it is today. How can we move companies forward to make sure New Mexico is in the prime position to take advantage of the opportunities that could be created by this,” said Sinsabaugh.

She says everyone is waiting to see exactly how and by how much the tariffs will impact them. But New Mexico MEP is telling their clients not to be too cautious, and instead look for ways to grow.

“Every company is looking to figure out how they can domestically source their products. As a small manufacturer in New Mexico, do you fit in that supply chain?” Sinsabaugh said.

She says there are lots of manufacturing opportunities in New Mexico. It just might require looking at things differently to fill the void created with these tariffs.

“Maybe it’s not something you make today, but you are 90% of the way there. What will it take to get to the other 10%?” said Sinsabaugh.

Still, she says it looks like the tariffs are a long-term deal and prices will go up in almost every industry.

“It’s not happening to one entity, it’s not happening to one state, it’s happening across the nation,” Sinsabaugh said.

Meanwhile, many of our state’s democratic leaders say the tariffs will especially hurt New Mexicans.

“This unnecessary and reckless tax on consumers strikes directly at the wallets of hardworking families across our state. In Trump’s trade war, it’s consumers who will lose.”