Donald Trump is facing an economic nightmare as US stocks plummeted as markets opened on Thursday, hours after the US President's announcement on tariffs. The S&P 500 fell 3.4% in early trading. The tech heavy Nasdaq dropped 4.6% and the Dow Jones was tumbling around 2.6% when markets opened on Wall Street.

Asian, European and UK indices have also been witnessing sharp drops in the aftermath of Mr Trump unveiling a range of new tariffs, which are set to significantly upend global trade. Mr Trump announced a minimum tariff of 10% on imports, with the tax rate running much higher on products from countries such China, Vietnam, Cambodia and Laos.

Vietnam, which is well-integrated in global supply chains, was hit with a 46% tariff. The Asian country serves major manufacturers, including Apple, Nike and Intel. Shares in Nike fell 12% today while Apple dropped 8%.

Some of the heaviest losers on the market were those which once soared thanks to Wall Street’s frenzy for artificial intelligence.

Nvidia sank 4.6% to bring its loss for the year to date to almost 22%. It had more than doubled in 2024 after more than tripling in the year before.

Market fallout from Mr Trump's tariffs will unsettle some pension investors, but Helen Morrissey, Head of Retirement Analysis at broker Hargreaves Lansdown said it was important not to panic.

She added: "Pensions are a long-term game and over the years, periods of market upheaval are to be expected. Making knee-jerk reactions such as changing investment strategy or cutting back on contributions can crystallise losses and make it harder for your fund to recover and this can impact your retirement income.

"It’s important to make sure that your strategy is well diversified to protect your pension from these ups and downs."

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