Many Americans saw their 401(k)s take a nosedive after the U.S. announced plans to place tariffs on imported goods from many countries. The tariffs range from 10% to 49% in some cases. “It’s been really volatile particularly the financial markets. Over the last two trading days of the week, a lmost 4,000 points were lost in terms of the Dow Jones,” said Alan Gin, an economics professor at University of San Diego. The economic turmoil happens as economists are gauging the likelihood of a recession in the future. “JP Morgan Chase has increased their probability of a worldwide recession to 60%, and I wouldn’t doubt that,” Professor Gin said. Trump’s tariffs are higher and more widespread than any in modern American history. The Trump administration stresses that the tariffs are needed to reset global trade and will force businesses to relocate manufacturing and production back to the U.S. “MY POLICIES WILL NEVER CHANGE,” he posted to social media Friday. Later, he wrote, “ONLY THE WEAK WILL FAIL.” While the economic policy is implemented, experts are urging people to plan for their future which is unique to every person. “I think one of the keys is not to panic. Right now, if you sell things, you could be selling at the low point in the market. You’ve already lost almost 10 percent then in terms of the Dow Jones, but if you’re young, again, keep a long-term perspective,” Professor Gin said. “If you’re older, if you’re nearing retirement, you should have been being a little bit more cautious with your portfolio anyway. You should have been moving away from equities into more fixed income type of assets,” he said. China announced 34% retaliatory tariffs on the U.S. Along with the taxes levied on imported goods from many nations, tariffs on foreign vehicles were rolled out and tariffs on foreign-made auto parts are set to be rolled out no later than May 3.   ...read more read less