Why Donald Trump's tariffs are hitting the pensions of British workers

The negative stock market reaction to Donald Trump's tariffs has hit the value of retirement funds for millions of British workers.

Transcript

00:00So Donald Trump and his tariffs have been costing British workers thousands of pounds from their retirement savings this week.

00:10I want to explain why and how that's been happening.

00:12So basically British workers are auto enrolled into company pension schemes that's been going on for over a decade now.

00:20And that money is held by fund managers, pension funds like Scottish Widows,

00:25who invest it in a variety of ways but including in the stock market,

00:30all with the aim of growing that pot for you and basically, hopefully, growing you, creating a nice retirement.

00:38The negative market reaction to the tariffs has been global.

00:44We've all seen the headlines this week.

00:46Perhaps people though haven't appreciated the impact it's having on them directly.

00:52I checked my pension this morning, it's down 8.3% in value since January.

00:57It lost about 2% in value yesterday, just showing the impact of what's happening at the minute.

01:04Though it is worth taking a long view with pensions.

01:07Over the last five years my pension value has tripled basically.

01:12So you just need to keep calm with these things.

01:15But there is a direct impact from these Trump tariffs on pension savings for millions of British workers.