Monday's stock market fallout from escalating trade tensions between the United States and China left Topeka financial adviser James Walden wondering what happens next.

President Donald Trump could resolve differences with Chinese adversaries during next month's G20 financial summit, or hostilities could escalate further — deepening the pain felt by consumers, farmers and numerous sectors of Kansas and U.S. economies.

News that China was raising tariffs on $60 billion in U.S. goods caused markets to plunge, with the Dow closing 617 points, or 2.4 percent, down for the day. The Nasdaq fell 270 points, a 3.4 percent drop.

"This current volatility in this context isn’t that surprising," Walden said. "We have had a strong rebound from the lows that we hit in late December, and up until now, there has been a sense of complacency among investors. And the market has been hovering around an all-time high, so the conditions have been present for a pullback of some sort."

So what's next? Walden, the chief investment officer at Clayton Wealth Partners, said this isn't the time to take incremental risks with portfolios. Walden said there are several things investors should keep in mind.

"This can get resolved at any time, favorably," Walden said. "We still think it’s likely something gets done. We’re just not sure when or what it looks like. And further, if conditions start to deteriorate further in the stock market or in the economy, that could serve as an impetus for central banks and governments around the world to stimulate their economies in other ways.”

Trump intensified trade tensions last week by imposing a 25 percent tariff on $200 billion in Chinese imports. When China retaliated, stock for Apple, Amazon, Boeing, Caterpillar and other large companies took a hit. Soybean futures spiraled into a 10-year low.

Jeremy Hill, an economist at Wichita State University's Center for Economic Development and Business Research, said the trade dispute has worsened the market for Kansas exports, which have been declining since 2015. Agriculture in particular has suffered, Hill said, and trade affects everything from meat processing to natural gas to dehydrated milk production.

“Most economists think barriers to trade will have a detrimental effect on the economy," Hill said.

If Trump's tactics result in concessions on intellectual property, Hill said, it could open up new markets for the Kansas aerospace industry. Still, the volatility of negotiations make it difficult to predict what the short-term impact will be on the economy or market.

“Presidents change," Hill said. "Policies change. In the long run, markets will come up.”

Valerie Nelson, a financial adviser at Edward Jones in Topeka, encouraged investors to stay focused on long-term goals.

A client who is nearing retirement will have different investment portfolios than someone who is setting aside money to help pay for college. Everyone is different, Nelson said.

The Dow's 600-point drop sounds large, Nelson said, "but it's only 2.4. percent." From a long-term perspective, the day's events are insignificant.

“It is a good opportunity to invest," Nelson said. "When the stock market is down, that’s the perfect time to put money in.”