'Stay calm': What could Trump's tariffs mean for you?

ITV News’ Political Correspondent Shehab Khan explains the scale of the impact of Trump’s tariffs and how it will affect people in the UK

With stock markets tumbling around the world, a lot of people are left wondering: what does this mean for me?

One of the biggest concerns is pensions.

Many pension funds are heavily invested in the stock market, and the latest data doesn’t paint a great picture.

We looked at three common types of pension investments – high-risk, mixed, and low-risk – and unfortunately, they’ve all taken a hit.

Still, experts are advising people not to panic.

According to Lily Megson from My Pension Expert, it’s important to stay calm and focus on the long-term picture.

“Making knee-jerk reactions could ultimately inflict longer-term financial harm,” she said. “So the key is to the remain calm, seek independent financial advice and make a well-informed decision.”

Then there’s the major issue of mortgages.

Right now, the Bank of England’s base rate sits at 4.5%. but the markets were anticipating slight cuts.

Since the introduction of these new tariffs by Donald Trump, those expectations have shifted and the updated market forecast now predicts deeper rate cuts.

Ultimately, the decision lies with the independent Bank of England.

They’ll weigh up factors like inflation and overall economic health.

Many in the city believe the economy is already sluggish, and the tariffs could slow things down even further – giving the Bank reason to consider cutting rates to stimulate growth.

On the flip side, they’ll also be cautious about inflation risks, especially given the fragility of the British economy at the moment.