The US President’s announcement has sent shockwaves through the global economy
A warning has been issued to Brits over their pension pots in the wake of Donald Trump’s tariffs which have sent shockwaves through the global economy.
Commentators fear pension pots could be affected by the US President’s decision to impose tariffs on countries around the world.
Global economies are still coming to terms with Trump’s announcement and what it will mean, as stock markets were sent tumbling.
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GB News commentator Kevin Schofield addressed what it could mean for UK pension pots, Express reports.
He warned Brits “don’t look at your pension pots for a while” and claimed pensions are “worth a lot less” in the wake of Trump’s tariffs.
Speaking on the channel’s Breakfast programme he said: “We’ve all pretty much got a pension.
“So don’t, for heaven’s sake, look at your pension pot for the next little while, because it will be worth a lot less than it was last week because you know your investment (is) going down.”
The President’s announcement that all countries would now be subject to between 10% and 50% when selling goods to the world’s biggest economy sent the US dollar slumping nearly 2%.
It has also created a fresh headache for Keir Starmer and Chancellor Rachel Reeves, amid speculation she may now need to increase taxes later in the year to make up to potential damage to the economy.
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It comes just weeks after she announced unpopular cuts to disability benefits in a bid to save money.
Starmer said he was taking a “calm” approach to the US President’s decision, after China decided to hit back with reciprocal 34% tariffs.
