US President has wiped trillions of dollars off Americans' pension savings with his controversial, 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.

Many Americans' pension pots, including 401(K)s, are invested in shares and funds meaning they are impacted by the stock market. A 401(k) plan is an employer-sponsored, defined-contribution, personal pension account in the US. On Wednesday night, President Trump unveiled his tariffs against countries around the world. The UK was hit with a

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