Importing and using Web3 in React causing a compilation issue

Question

After trying to import and use Web3 into my ReactJS project, I am getting the following issue:

Not sure exactly why it is doing this. Here is how I am importing the library and where I am using the Web3 library.

import Web3 from 'web3';

console.log(Web3.utils.isAddress('0xc1912fee45d61c87cc5ea59dae31190fffff232d'));

I have also tried to use the nodeJs way of importing things like:

const Web3 = require('web-3');

And it is yielding same result.

The error seems to be that I need an 'appropriate loader to handle that type of file' but not sure how to handle that. If you have any ideas, please let me know! Thanks!