Recently, I have found myself checking the stock market a few times a day. Like many people, I have accounts invested for retirement. Every paycheck I add money into my account, expecting to use the funds later in life. Usually, I read my quarterly statements and don’t check the market daily. However, things changed when the White House implemented new tariffs on some imported goods. Suddenly, the market became incredibly volatile. Over a two-day period, the Dow Jones Industrial Average went down 4,000 points! That caused lots of people— especially older adults—to think about their retirements savings.

Tariffs are a tax imposed on companies that sell foreign goods in the United States. Companies often pass along the extra costs of these taxes to the consumer. The administration is arguing that tariffs are necessary to level the trading playing field.

Americans have trillions of dollars invested for retirement. A sharp decrease in the market can cause financial hardship and anxiety for seniors, including adults who are nearing retirement and counting on their savings.

Tariffs impact more than just the stock market; they can have direct consequences on the price of goods. While tariffs remain fluid, certain tariffs could negatively impact older adults.

For example, healthcare costs associated with pharmaceuticals and medical devices could increase. Certain pharmaceutical ingredients are imported into the United States. Tariffs on these ingredients could lead to higher costs and lower supply. Medical device components subject to tariffs could cause prices to increase for providers and consumers, and supply to become scarcer.

In a letter regarding tariffs to President Trump, Richard Pollack, president and chief executive officer of the American Hospital Association (AHA), wrote:

“Despite ongoing efforts to build the domestic supply chain, the U.S. health care system relies significantly on international sources for many drugs and devices needed to both care for patients and protect our health care workers. Tariffs, as well as any reaction of the countries on whom such tariffs are imposed, could reduce the availability of these life-saving medications and supplies in the U.S. For example, U.S. providers import many cancer and cardiovascular medications, immunosuppressives, antibiotics and combination antibiotics from China. For many patients, even a temporary disruption in their access to these needed medications could put them at significant risk of harm, including death.”

In addition, tariffs could increase prices at the grocery store. This article on CNN’s website, “Here’s which grocery store items will get more expensive because of tariffs” notes: “Shoppers can expect to see prices rise on seafood, coffee, fruit, cheese, nuts, candy bars and other imported foods, according to experts. Items that contain ingredients and packaging like plastic and aluminum from other countries will also be hit. Perishable food prices will rise first, followed by shelf-stable goods.”

Obviously, this is a problem for everyone, but particularly the 4.8 million seniors on the Supplemental Nutrition Assistance Program (SNAP) who won’t see immediate cost of living adjustments (COLA) to make up for the higher prices.

The stock market provides financial resources for millions of retired Americans. Instability in the market resulting from tariffs is concerning for seniors.

However, retirement security isn’t just about the stock market. According to the Gallup polling organization, about 23% of retirees rely solely on Social Security as their only major source of income. Being able to afford quality healthcare and nutrition on a fixed income is a must. It feels like every day the news on tariffs is changing, so how this all shakes out remains to be seen. However, as the White House implements its trade policies let’s not forget how market instability and inflation can impact the lives of older Americans.

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Evan Carmen, Esq. is the Legislative Director for Aging Policy at the B’nai B’rith International Center for Senior Services. Click here to read more from Evan Carmen.