PORTSMOUTH, Va. (WAVY) — Experts say a White House Rose Garden prop featuring a list of so-called tariffs imposed by other countries and President Donald Trump's explanation do not tell the full story of a plan to impose and increase tariffs across the globe. Dr. Robert McNab, chairman of the Department of Economics at Old Dominion University, offered a blunt analysis of the newly-imposed tariffs. Markets plunge with S&P 500 down 6% and Dow down 2,200 after China retaliates against Trump tariffs "If a student had turned in this tariff plan, they would be asked to redo their assignment because this is not a set of tariffs based upon any logic or theory," McNab said. "It is essentially a ratio that represents the trade imbalance with the United States. China does not levy 54% tariffs on the United States." McNab said as a trade war is underway, a recession is on everyone's horizon. "Well, let's take the administration at face value," McNab said. "[White House advisor] Peter Navarro recently stated that over the next decade they are estimating that the tariffs would raise $6 trillion in revenue, $600 billion a year in revenue. That would be the largest tax increase in modern economic history." And if Congress approves a tax cut for the wealthy? "If you as a viewer in Hampton Roads earn less than $500,000 a year, you will find yourself facing a tax increase rather than a tax cut because of the difference between the tariffs and any changes in income taxes," McNab said. With one eye on the stock market and another on the headlines, McNab has this advice for those of us with a AARP card. Retirees keep their eyes on the economy as Trump’s tariffs roil financial markets "My piece of advice will be somewhat similar to the spring of 2020," McNab said. "In uncertain times, there's a tendency for people to panic because they look at the market going down and say, 'I need to get out.' If you are in your 60s, perhaps that's a conversation worth having." ...read more read less