Trump has just wiped trillions off pension values - do this to protect your retirement NOW

Our pensions, Stocks and Shares ISAs and other investments are on the front line of the global trade war Trump has recklessly ignited, so no wonder savers are nervous.

But before you panic, remember: markets are always volatile. The worst of the falls may already have happened, and Trump may even backtrack or soften his stance.

We simply don't know. So don't lose too much sleep.

For younger people, this turbulence is less of a concern. In fact, it could be an opportunity. Those investing today will pick up more shares at lower prices.

Over time, as markets recover, those cheap purchases should gain in value. This is one of the core benefits of long-term investing.

For those nearing retirement, it's a different story. Historically, most retirees used their pension pot to buy an annuity, which provides a guaranteed lifetime income.

This meant shifting out of stocks in the final years before retirement to avoid the risk of sudden downturns before buying the annuity.

Today, the majority of retirees favour income drawdown instead, keeping their pension invested and withdrawing money as needed.

That brings flexibility, but also significant risk, because it means taking income from a pot that might be shrinking due to market turmoil.

Get it right and drawdown can help your pension grow. Get it wrong, and it can be a disaster. Some could run out of money years before they die.

If in drawdown, consider adjusting your withdrawal rate to take less while markets are down. This can help your pot last longer.

A key way to manage drawdown risk is to have at least two years' worth of cash set aside. This allows you to ride out downturns without being forced to sell investments at a loss.

Trump's tariffs are expected to drive inflation higher by pushing up the cost of imported goods.

That's worrying for pensioners, as inflation erodes the real value of their savings. Those with large sums in savings accounts and Cash ISAs should check they're getting a decent rate. If not, shop around.

It's possible to get more than 4% from a best buy savings account, beating inflation which was 2.8% in February (but expected to rise again).

Annuity rates are much higher today than just a few years ago, making now a potentially good time to lock in a guaranteed lifetime income.

A mix-and-match approach - keeping some money in drawdown while using part of your pot for an annuity - could be the best strategy.

Diversification is always your best defence. That means holding a balanced portfolio of shares, bonds, cash and possibly gold.

Some investors are chucking money at gold, driving the price to an all-time high more than $3,000 an ounce, but tread carefully.

The gold price could fall quite sharply if economic fears ease. As ever, the key is not to overcommit to any single asset class.

It's tempting to assume that higher inflation means interest rates will stay high too. But it's equally possible that the Bank of England will prioritise economic growth and cut them instead.

Markets are unpredictable, and trying to second-guess them is rarely wise.

One thing we do know is that economic shocks tend to be temporary. In the short term, our pensions and ISAs may take a hit, but over the medium to long term, markets typically recover.

That's why panic-selling is often a mistake. Selling at the bottom of the market is the last thing anybody wants to do.

Those in defined benefit 'final salary' pensions should remain largely unaffected, as their payouts are guaranteed.

Defined contribution savers, who do face investment risk, should stay the course and hold their nerve.

Trump's tariffs have sparked market chaos, but the best response is measured, not reactive. Above all, stay calm. Markets fall, but they also rise. What matters most is having a clear, resilient plan, and sticking to it. Whatever nonsense Trump throws our way next.