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• Comment Link June 09, 2025 posted by Billybok

  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%.
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• Comment Link June 09, 2025 posted by Victorpomma

  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%.
• Comment Link June 09, 2025 posted by JeffreySpoor

  On Friday morning, West Coast port officials told CNN about a startling sight: Not a single cargo vessel had left China with goods for the two major West Coast ports in the past 12 hours. That hasn’t happened since the pandemic.
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  Six days ago, 41 vessels were scheduled to depart China for the San Pedro Bay Complex, which encompasses both the Port of Los Angeles and Port of Long Beach in California. On Friday, it was zero.
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  President Donald Trump’s trade war imposed massive tariffs on most Chinese imports last month. That’s led to fewer ships at sea carrying less cargo to America’s ports. For many businesses, it is now too expensive to do business with China, one of America’s most important trading partners.
  
  Officials are concerned not just about the lack of vessels leaving China, but the speed at which that number dropped.
  
  “That’s cause for alarm,” said Mario Cordero, the CEO of the Port of Long Beach. “We are now seeing numbers in excess of what we witnessed in the pandemic” for cancellations and fewer vessel arrivals.
  
  The busiest ports in the country are experiencing steep declines in cargo. The Port of Long Beach is seeing a 35-40% drop compared to normal cargo volume. The Port of Los Angeles had a 31% drop in volume this week, and the Port of New York and Jersey says it’s also bracing for a slowdown. On Wednesday, the Port of Seattle said it had zero container ships in the port, another anomaly that hasn’t happened since the pandemic.
  
  “That’s because just nothing is being shipped over,” port commissioner Ryan Calkins told CNN’s Kaitlan Collins.
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