Donald Trump trade war prompts retirement concerns as markets plummet worldwide [Video]

Financial markets tumbled worldwide on Thursday due to worries about the damage U.S. President Donald Trump’s newest set of tariffs could do to economies across continents, including his own.

In Canada, the S&P/TSX composite index closed down 971 points, or 3.8 per cent, as markets worried the latest round of U.S. tariffs could sink the global economy into a recession. Canadian apparel brands, including Aritzia and Lululemon, were among companies that saw their stock prices slide.

In the United States, the S&P 500 sank 4.8 per cent, more than in major markets across Asia and Europe, for its worst day since the pandemic crashed the economy in 2020. The Dow Jones Industrial Average dropped 1,679 points, or 4 per cent, and the Nasdaq composite tumbled 6 per cent.

The instability in the markets has left many wondering about their retirement investments.

“What happened was we had a risk-off trade because markets don’t …