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