Pension warning for Brits issued on GB News following Trump tariffs
Donald Trump announced a set of sweeping reciprocal tariffs which affect most countries around the world.
GB News: Kevin Schofield shares pensions warning
GB News commentator Kevin Schofield has advised people, "don't look at your pension pots for a while" as he says pensions are "worth a lot less" in the wake of Trump's tariff regime. Speaking on the channel's Breakfast programme he advised: "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."
His remarks come in the wake of US President Donald Trump's trade tariff announcement on Wednesday (April 2), which he described as the United States' "declaration of economic independence". The long-expected tariffs have sparked economic turmoil at home and abroad as market panic set in following the major change to US tax policy. 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 saw an immediate backlash, with the US dollar slumping nearly 2%.
Sir Keir Starmer has said he will be working tirelessly to ensure the UK can carve out an economic prosperity deal.
But the worldwide chaos is set to hurt businesses in the UK and economists warn it could lead to more tax rises or spending cuts.
Another commentator on the show Duncan Barkes said: "You know, what people want to see is what Keir Starmer is going to do or not do in response to this?
"I mean, from a personal point of view, I'm a free trade disciple, so I don't think we should be imposing tariffs against the US. I don't think that is the answer.
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"But I think if you read some of today's papers and some business leaders and stuff here's a there's a sizable majority of people just go, for goodness sake, don't impose tariffs against the US. That's not what we need as UK PLC."
Trump has wiped trillions of dollars off Americans' pension savings with the controversial, widespread trade tariffs.
In the immediate aftermath futures tracking America's flagship S&P 500 fell 2%.
Meanwhile, the Nasdaq dropped 3%. Such big drops have not been seen since the pandemic in 2020.
