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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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Guatemala has also agreed to create a task force for border control and protection along the country’s eastern borders. The force, composed of members of the National Police and army, will be tasked with fighting “all forms of transnational crime,” Arevalo said.
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Foreign nationals who arrive in Guatemala through deportation flights will be repatriated to their home countries, Arevalo said, adding that the US and Guatemala would continue to have talks on how the process would work and how the US would cooperate.
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Arevalo also said that Rubio has voiced his support for developing infrastructure projects in the Central American nation. He added that his government would send a delegation to Washington in the coming weeks to negotiate deals for economic investments in Guatemala which he said would incentivize Guatemalans to stay in their home country and not migrate to the US.
Arevalo said Guatemala has not had any discussions about receiving criminals from the US as El Salvador’s president has offered. He also insisted his country has not reached a “safe third country” agreement with the United States, which would require migrants who pass through Guatemala to apply for asylum there rather than continuing to the US.
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