Long Island businesses are preparing for price increases and changes to consumer spending habits as new U.S. tariffs resulted in one of the worst days on record for global markets.

Financial advisors say consumers should take appropriate steps to spend wisely and save for the future.

President Donald Trump introduced new tariffs on all of the country’s trading partners, tariffs he says are needed in order to level the economic playing field.

Economists warn it could lead to higher prices that are passed onto consumers on a wide variety of goods.

Foodtown of East Meadow Store Manager Carlos Ubiera says higher prices have already impacted business.

"In the last few weeks you've kind of noticed a dip in the amount of people buying," he said.

Ubiera says prices have already fluctuated between 10-15% on a variety of goods.

"The fluctuating prices that happen most are in the meat department and in the produce department,” he said. “These tariffs, they have taken a toll."

Ubiera says customers are also opting for generic brand items as opposed to name brand items as another way to try to save some extra cash, but they're not just worried about the prices at the grocery store.

Gregoris Subaru General Sales Manager Jay Sarasky says they’re seeing customers panic buy cars now before prices go up on new vehicles that arrive.

"Right now we're seeing a slight panic of people coming in saying, 'I want my car now,' because they don't want to wait,” he said.

Sarasky says prices, however, won’t just go up on vehicles.

"It's going to be parts and services too because parts are being built in either Canada or Mexico, or wherever the manufacturer is, anything that's coming in is going to get hit," he said.

ClientFirst Strategy, Inc. financial advisor Mitch Goldberg says don’t make changes to your retirement savings, like a 401K, if you’re not near retirement age.

"I'm not changing anything and I encourage people not to change anything about their investments or their financial plans strictly based on what you see happening in the stock market this week,” he said.

Goldberg says those at or near retirement age need to have more cash in hand than in investments.

"Make sure their cash for their needs over the next 12 to 18 months are already in cash so they don't have to have forced selling into a down market,” he said.

Financial advisors also say consumers should look at where they can save money on a daily basis in case these tariffs stick around.