The Trump administration signed a memorandum levying heavy tariffs on imports from China and it's left many worried that a trade war would arise.

TIM COOK APPLE CEO "I'm gonna encourage everyone to that calm heads prevail, and to really focus on the inequality that exists and why it exists. And to put the energy there which I think will be ... which I think over time will be the thing that lifts everyone up, not the haves only."

THOMAS SARGENT NOBEL ECONOMICS PRIZE WINNER "That's foolish, that's totally foolish. Because the way trade works is its multilateral. It's 'we' trade. China doesn't just trade with the United States. It trades with many other countries. Countries have deficits and surpluses with all sorts of different countries. And the reason we have trade deficits is the responsibility of the United States. That doesn't have anything to do with tariff policy."

NATHALIE PELRAS, CEO & CHIEF INVESTMENT OFFICER FOURPOINTS INVESTMENT FUNDS "The risks caused by Donald Trump's decision regarding trade and the impact, the collateral damage, they could have, raise concerns and explain investors' fears. There is one thing that investors don't like and that's the absence of visibility. With Donald Trump, it's not so much about his decisions and their impact, it's about the markets not knowing what might happen. There are fears that the next morning, he might do something else, impose new sanctions, come up with a surprise. Markets do not like surprises."