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Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
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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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Tourists fined and banned from Venice for swimming in canal
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A couple from the United Kingdom had to cut their vacation in Venice short after being caught swimming in the Grand Canal.
The 35-year-old British man and his 25-year-old Romanian girlfriend were forced to return to their home in the UK on Thursday, the same day they arrived in the city, after gondoliers reported them to local police for taking a dip in the canal.
The pair were fined 450 ($529) each and expelled from Venice for 48 hours, marking the 1,136th such sanction to be handed down to badly behaved tourists in the city so far this year, according to the Venice City Police.
The unnamed couple took the plunge near the Accademia bridge near St. Mark’s Square and gondoliers at the Rio San Vidal kiosk immediately called authorities, who removed them from the water.
“I thank the gondoliers for their cooperation and timely reporting,” said Venice Security Councillor Elisabetta Pesce in a statement published by city authorities on Friday.
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“Venice must be defended from those who disrespect it: protecting the city means ensuring decorum for residents and visitors who experience it with civility.”
Swimming in the Venice canals is prohibited for a variety of reasons, including the intense boat traffic and the cleanliness or lack thereof of the water, according to the city’s tourism ministry.
Of the 1,136 orders of expulsion from the city so far this year, about 10 were for swimming.
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Tourists take photographs on the Rialto Bridge in Venice, Italy, on Saturday, April 8, 2023. Italy's upcoming budget outlook will probably incorporate a higher growth forecast for 2023 followed by a worsened outlook for subsequent years, according to people familiar with the matter. Photographer: Andrea Merola/Bloomberg via Getty Images
Rising waters and overtourism are killing Venice. Now the fight is on to save its soul
“Since the beginning of the year, we have issued a total of 1,136 orders of expulsion for incidents of degradation and uncivilized behavior,” Venice local police deputy commander Gianni Franzoi said in a statement shared with CNN.
Poor visitor behavior is one of the worst byproducts of overtourism, Franzoi said, and incidents are on the rise.
In July 2024, an Australian man was fined and expelled for diving off the Rialto Bridge after his friends posted about it on social media.
The year before, two French tourists were fined and expelled for skinny dipping in the canal under the moonlight. In August 2022, a German man was fined and expelled for surfing in the canal.
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Aerial view of the plagued ghost island of Poveglia in the Venetian lagoon
‘Haunted’ Venice island to become a locals-only haven where tourists are banned
Venice’s authorities have been trying to balance the need for visitor income with residents’ demands for a city that works for them.
Day trippers now pay a 10 entrance fee on summer weekends and during busy periods throughout the year.
The city has also banned tour groups of more than 25 people, loudspeakers and megaphones, and even standing on narrow streets to listen to tour guides.
“It was necessary to establish a system of penalties that would effectively deter potential violations,” Pesce said when the ordinance was passed in February.
“Our goal remains to combat all forms of irregularities related to overtourism in the historic lagoon city center,” she added.
“The new rules for groups accompanied by guides encourage a more sustainable form of tourism, while also ensuring greater protection and safety in the city and better balancing the needs of Venice residents and visitors.”