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Even when you’re retired, you’ll likely need to keep a portion of your money in stocks if you want to keep ahead of inflation.

Although he owns some stocks, Mr Burkholder said they were long-term investments and he was not obsessing over the sharp drops in the two days following the president's announcement.

While many people own stocks and shares directly, most people's exposure to stock markets come through their pension plans.

Confusion over the details — and the fact that the rates Trump announced were much higher than most economists anticipated — has sent stocks tumbling and businesses and global leaders scrambling for clarity.

But technology stocks have been on a bumpy ride this year as trade disputes and the future of artificial intelligence have stoked economic uncertainty.