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Retirees 'stunned' as market turmoil over tariffs shrinks their 401(k)s
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Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401ks after President Donald Trump’s escalation of tariffs. kra16 As the impending tariffs shook the global economy Friday people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home. kra32 cc Some said they are pausing big-ticket purchases and reconsidering home renovations while others said they fear their quality of life will be adversely affected by all the turmoil. “I’m just kind of stunned and with so much money in the market we just sort of have to hope we have enough time to recover” said Paula 68 a former occupational health professional in New Jersey who retired three years ago. Paula who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies said she was worried about what lies ahead. https://kraken13-at.net “What we’ve been doing is trying to enjoy the time that we have but you want to be able to make it last” Paula said Friday. “I have no confidence here.” Trump fulfilled his campaign promise this week to unleash sweeping tariffs including on the United States’ largest trading partners in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon the broad-based S&P 500 closed down 6 the tech-heavy Nasdaq dropped 5.8 and the Dow Jones Industrial Average fell more than 2200 points or about 5.5.
Trump’s former Commerce Secretary says the president is unlikely to enact blanket tariffs
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Trailer trucks queue to cross into the United States at the Otay Mesa Port of Entry in Tijuana Mexico November 27 2024. Jorge Duenes/Reuters New York CNN — bslp at Since President Donald Trump won the election in November businesses across the globe have been bracing for higher tariffs — a key Day One promise the president made. But over a week into his presidency Trump has yet to enact any new tariffs. блэкспрут That could change come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25 tariffs on all Mexican and Canadian goods and a 10 tariff on all Chinese goods. The tariffs he said will be imposed as a way of punishing the three nations which Trump claims are responsible for helping people enter the country illegally and supplying fentanyl consumed in the US. Speaking to reporters from the Oval Office on Thursday Trump said he meant business especially with his tariff threats on Mexico and Canada. White House Press Secretary Karoline Leavitt also confirmed on Friday that Trump will levy the 10 tariff on China on Saturday. bslp.at Should these threats be believed? Yes and no said Trump’s former Commerce Secretary Wilbur Ross. blacksprut площадка https://bs-gl.cc The threat of blanket tariffs is likely being overstated Ross said in an interview with CNN. “There probably will be exclusions because there are some goods that just are not made here will not be made here and therefore there’s no particular point putting tariffs on.” Ross who was one of a handful of initial cabinet members in Trump’s first administration who kept their position for the entire four-year term said he advocated for such exclusions when he advised Trump on tariff policies. зеркала блэк СЃРїСЂСѓС‚
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