Trump's new tariffs leave many wondering if they should reconsider retirement strategies

PHILADELPHIA (WPVI) -- President Trump's newly installed tariffs have left many wondering if they should reconsider their retirement strategies.

Americans' 401(k) funds are already suffering heavy losses as the stock market plummets.

RELATED: US stocks sink in first trading after Trump's sweeping tariffs announcement; Dow drops 1,000 points

"I'm feeling OK. I think things are going to settle down in the future," said Jon Mewes, from California. "We talk about it, we wonder what's going on just for reasons of negotiation and getting an advantage in trade. We're just trying to figure it out."

"Now I am I'm going to check it," said Anthony Feels, of West Philadelphia. "I guess I'm going to see how it plays out. I want to be able to use it when I retire -- I didn't work hard for nothing."

RELATED: What is and isn't on Trump's tariff list

"I already had an appointment set up with my financial advisor, so I'm not feeling good about it. I'm very concerned," said Caren Fitzpatrick, of Linwood, New Jersey. "I'm close to retirement. I don't have time to make this all back."

Medha Parlikar, of Puerto Rico, said she is holding off on investing, including in real estate. "I really haven't made any changes in my 401(k), but my other investments were waiting and seeing."

So what should people do amid President Trump's tariff announcement and how could it affect your investments?

"When I say don't be reactive, I mean don't be emotionally illogically reactive -- sell everything and go all to cash," said Charles Weeks, founder of Barrister, a financial planning and asset management firm in Ft. Washington.

Weeks cautions that everyone's financial situation is different, and you should consult with your individual advisor.

He explained the Fed's zero interest policy allowed for big risks but now the climate has changed.

"If you're an aggressive investor and you found that your portfolio is 80% in stocks, maybe reduce 10% of that and put some in a money market. You never want to be all in or all out of the market, but there's times you can reduce your exposure a bit to a place you're comfortable with."

Weeks warns that there is still more pain to come in the short term.

"I think there has to be. We have so much debt as a country, we were on a course to be bankrupt. You have to course correct at some point," he said.