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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 401(k)s after President Donald Trump’s escalation of tariffs.

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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.

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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.
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“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 2,200 points, or about 5.5%.

Tyler O’Neill hits record-extending sixth straight Opening Day home run
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For six seasons in a row, Tyler O’Neill has homered on MLB Opening Day.

Making his debut for the Baltimore Orioles on Thursday, O’Neill started the season with his record-extending sixth straight home run on Opening Day during his team’s 12-2 win against the Toronto Blue Jays.

No other player has homered on more than four consecutive Opening Days, with the 29-year-old outfielder’s three-run shot sending the Orioles into a 5-0 lead at the top of the third at Rogers Centre.
Todd Hundley (1994-97), Gary Carter (1977-80) and Yogi Berra (1955-58) all hit four consecutive home runs on Opening Day, while the Major League Baseball record for the total number of Opening Day home runs is held jointly by Adam Dunn, Ken Griffey Jr. and Frank Robinson on eight.

“I’m just not trying to make too much of it,” O’Neill told reporters about his streak. “I’m just trying to go out, have a good first at-bat and see what the game gives me from there.

“Obviously, I understand what’s going on, but it’s not like I’m going out there trying to do anything crazy.”

O’Neill, who signed a three-year, $49.5 million contract to join Baltimore from the Boston Red Sox in the offseason, finished three-for-three with three RBIs and two walks against the Blue Jays.

“It’s a little different when the lights turn on and you’ve got to show up, so it was really cool to see all the guys show up today,” he said. “We got after it out there.”

While the first two games of the MLB regular season took place between the Chicago Cubs and Los Angeles Dodgers in Tokyo last week, Thursday marked the first official day of the season in the United States.

Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.

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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.

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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.
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“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 2,200 points, or about 5.5%.

President Donald Trump wants to bring back American manufacturing in ways that would reshape the United States economy to look more like China’s. The campaign, which has led to a rapidly escalating trade war with China, has given ample social media fodder to Chinese and American observers alike.
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Announcing a series of sweeping tariffs in a move dubbed “Liberation Day,” Trump said last week that it will lead factories to move production back to American shores, boosting the U.S. economy after “foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream.”
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In a Truth Social post Wednesday, Trump announced that he is raising tariffs on goods imported from China to 125%, up from the 104% that took effect the same day, due to “the lack of respect that China has shown to the World’s Markets.” Higher targeted tariffs on other countries have been paused for 90 days, although the 10% baseline tariff will remain in place for all countries.
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Meme-makers and Chinese government officials have in recent days begun pointing out the irony of Trump’s tariff-driven manufacturing pivot through AI-generated satire and political cartoons that have percolated online, with many American users boosting the jokes.
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WASHINGTON — “Liberation Day” just gave way to Capitulation Day.
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President Donald Trump pulled back Wednesday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order.

Trump's early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs could wreck the economy. His own aides had quietly raised alarms about the financial markets before he suspended a tariff regime that he had unveiled with a flourish just one week earlier in a Rose Garden ceremony.

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The stock market rose immediately after the about-face, ending days of losses that have forced older Americans who've been sinking their savings into 401(k)s to rethink their retirement plans.

Ahead of Trump's announcement, some of his advisers had been in a near panic about the bond markets, according to a senior administration official. Interest rates on 10-year Treasury bonds had been rising, contrary to what normally happens when stock prices fall and investors seek safety in treasuries. The unusual dynamic meant that at the same time the tariffs could push up prices, people would be paying more to buy homes or pay off credit card debt because of higher interest rates. Businesses looking to expand would pay more for new loans.
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Two of Trump's most senior advisers, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, presented a united front Wednesday, urging him to suspend the tariffs in light of the bond market, the administration official said.

In a social media post, Trump announced a 90-day pause that he said he’ll use to negotiate deals with dozens of countries that have expressed openness to revising trade terms that he contends exploit American businesses and workers. One exception is China. Trump upped the tariff on the country’s biggest geopolitical rival to 125%, part of a tit-for-tat escalation in an evolving trade war.

Trump reversed course one week after he appeared in the Rose Garden and unveiled his plan to bring jobs back to the United States. Displaying a chart showing the new, elevated tariffs that countries would face, Trump proclaimed, “My fellow Americans, this is Liberation Day.”
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