Fox News reporter Peter Doocy pointed out how President Donald Trump's call for federal workers to retire amid stock market losses might have hit a snag now that their retirement accounts are "getting throttled" amid ongoing trade wars.
Ahead of a White House press briefing, Doocy recounted the "back and forth" Trump has had with the Canadian government over tariffs—as of now the Canadian government has announced retaliatory tariffs on $21 billion of U.S. goods—and noted that while Trump doesn't have to worry about re-election, CEOs "all need to go back to their boards and to their shareholders to explain what exactly is going to happen."
He added:
"And we also expect the White House to try to reassure folks who are sitting there looking at their 401(k)s going down and down and down."
"This is a White House that came in trying to get federal workers to retire by the hundreds of thousands, but it’s tough to make the argument that you should retire if your retirement accounts are getting throttled, which is what is happening right now. So we expect— we hope for answers to all of these curiosities any minute."
You can hear what he said in the video below.
Doocy's assessment marked a significant break from Fox News' talking points, which have typically marched in lockstep with the president.
Doocy's remarks came as the S&P 500 stumbled as investors struggled to keep up with shifting tariff announcements from Trump. The uncertainty surrounding U.S. trade policy pushed the index close to a technical correction—a 10% drop from its recent high.
The S&P 500 ultimately closed 0.76% lower at 5,572.07 after dipping into correction territory earlier in the day. The Dow Jones Industrial Average fell 478.23 points, or 1.14%, to 41,433.48, while the Nasdaq Composite slipped 0.18% to 17,436.10.
Markets briefly rallied before Trump announced on Truth Social that tariffs on Canadian steel and aluminum would double to 50%, effective Wednesday, in response to Ontario Premier Doug Ford’s 25% electricity surcharge on U.S. exports. Later, Ford announced a temporary suspension of the surcharge after discussions with Commerce Secretary Howard Lutnick.
By late afternoon, top Trump trade advisor Peter Navarro clarified on CNBC that the tariff hike to 50% would not go forward, but the original 25% duty would still take effect as planned. Later, Trump announced he would no longer be doubling tariffs on steel and aluminum imports.
White House Press Secretary Karoline Leavitt on Tuesday echoed Trump’s assertion that the U.S. is in “a period of economic transition” amid market turbulence, prompting Doocy to question her after the fact on whether she's "sure nobody here at the White House shorted the Dow."
When Leavitt responded "no," Doocy continued:
"But is there any concern here that it's going to be harder to ask certain federal workers to retire if they look at their retirement accounts and they're getting rocked every day?"
Leavitt responded:
"I'm glad you asked about workers because that's exactly who President Trump is looking out for with his America First trade policy and his America First economic agenda and there's great indication to be optimistic about where the economy stands and the American people, investors, CEOs, but most importantly workers, should bet on President Trump."
"His tariff policy is reciprocity. Fair trade practices where American workers are put first and are no longer ripped off by foreign countries all over this world."
You can watch their exchange in the video below.
But it didn't look like Doocy—let alone anyone—was buying it.
This mix of economic news has drawn attention from many Americans, especially those with 401(k) retirement plans—the most common type of retirement account in the U.S., with about 34.6% of the population holding one in 2020, according to U.S. Census data.
These plans depend heavily on stock market performance, as workers contribute part of their paychecks to investment accounts, sometimes with matching contributions from their employers.
Market uncertainty increased Wednesday when Canada announced retaliatory trade duties on $21 billion worth of U.S. goods, following Trump’s implementation of universal steel and aluminum tariffs. The European Union also imposed duties on $28 billion in American products, including beef, motorcycles, whiskey, and metals. China has signaled its readiness to respond as well.
Though Trump has threatened additional tariffs, he has so far suspended proposed duties on Canada and Mexico, aside from the 20% supplemental tariffs already imposed on Chinese goods. These early large-scale duties have intensified global trade tensions, leaving both investors and everyday Americans bracing for potential economic impact.
