WASHINGTON, DC (WUSA) -- Japan's major manufacturers have temporarily suspended production. Plants that produce consumer products, from video games to cars to micro chips, have shut down. Now, even tech companies scramble for supplies.
"There's going to be some supply chain disruption where we're not going to be able to get brakes for Toyota or something like that," Kiplinger's Robert Frick says.
The senior editor adds even if that does happen, American consumers should not push the panic button just yet.
"They can be made other places. You can import them from Canada or Mexico," he says.
Frick says although Japan's economy will be reeling from the double-whammy natural disasters for some time, there will be little to no adverse economic affect on the U.S.
"Japan isn't actually our biggest trading partner. It's number four on the list. So, it's not a huge impact on the U.S. economy," Frick says.
The top trading spot goes to Canada followed by Mexico then China. So, only about six percent of our exports and imports go to and from Japan.
"And when it comes to cars, more than half of Japan's auto production that's sold in the U.S. is made in the U.S.," he says.
If you plan to purchase the popular Toyota Prius, you may have to put it on hold because it's only made in Japan. But there's no need to worry whether you'll be able to get your hands on the latest tech gadgets.
"You see people worried about the price of electronics. In reality, most of the stuff you get, that kind of thing comes from China," he says.
And as far as Japan's oil imports, Frick says it's not a factor at all.
"The crisis in the Middle East will have a great economic impact on the U.S. economy than what's going on in Japan."
Kiplinger's Frick says although this has been a terrible tragedy for the Japanese people, in the long run it will be good for the U.S.
He predicts the rebuilding of Japan will increase the demand for American made goods, create jobs and ultimately boost the economy.