Newsmax host Jon Glasgow expressed his shock at the effects President Donald Trump's tariffs are having on his retirement savings.

'I looked at my 401(k) and gasped,' Glasgow said during an interview with former Sen. Rick Santorum on his show. 

image url="https://burst.shopifycdn.com/photos/lace-lingerie.jpg?width=746&format=pjpg&exif=0&iptc=0"Glasgow highlighted a clip of Treasury Secretary Scott Bessent urging Americans not to look at the 'day to day fluctuations' of the stock market.

'Do you think that a lot of Americans are gonna give the Trump administration this grace period here while they trust in his plan?' he asked.

Santorum replied that what was happening in the markets was a 'huge problem' for the president, but that younger people's 401(k)s would be different to those who were preparing to retire sooner.

'Well, all due respect, John, you looked at your 401(k), and you're in your thirties or maybe forties, and your portfolio looks a lot different than someone who's gonna retire this year,' Santorum replied. 

'Certainly younger folks and even folks maybe five or 10 years away from retirement have seen a dramatic hit,' he admitted.

Santorum said that Bessent was right in saying that people who were actually retiring probably had a majority of their savings not in the stock market.

He said that Trump's tariffs was part of his overall push for negotiations 'free trade' agreements with foreign countries.




Newsmax host Jon Glasgow speaking to Rick Santorum about Trump's tariffs 





U.S. President Donald Trump holds up a chart while speaking during a "Make America Wealthy Again" trade announcement

'What Trump is saying is look, we can negotiate free trade and get screwed again, or we can come out guns-a-blazin' and get these folks to come to reality and actually get to free trade,' Santorum said. 



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'It's the most bold move a president has ever made in the history of the United States,' Glasgow said.

On Monday, Trump urged his supporters and figures in the Republican party to remain strong despite a third day of stock market losses.

'Countries from all over the World are talking to us. Tough but fair parameters are being set,' Trump said. 

The president promised that the United States would soon make deals around the world that would make the American economy better.

'Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate! They have treated the U.S. very poorly on Trade. They don't take our cars, but we take MILLIONS of theirs,' Trump wrote on Truth Social. 'Likewise Agriculture, and many other "things." It all has to change, but especially with CHINA!!!' 




White House Press Secretary Karoline Leavitt listens (L) as US President Donald Trump speaks to reporters while in flight on Air Force One





A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York City, on April 7, 2025.

White House National Economic Council Director Kevin Hassett confirmed that more than 50 countries had already reached out to the president to negotiate.

'They're doing that because they understand that they bear a lot of the tariff,' Hassett said.

Trump urged his supporters not to become 'PANICANS,' Republicans who were turning on him because of the tariffs and their effects on the stock market. 

‘The United States has a chance to do something that should have been done decades ago. Don't be Weak! Don't be Stupid! Don't be a Panican (A new party based on Weak and Stupid people!),' Trump posted on Truth Social.


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