News Host Claims He 'Gasped' Over Retirement Savings Losses from Trump Tariffs

Glasgow Shocked by 401(k) Losses

Newsmax host Jon Glasgow, a vocal supporter of Donald Trump, found himself in an awkward position during a recent broadcast when he claimed that his retirement savings had taken a major hit due to the president’s aggressive tariff strategy.

“I looked at my 401(k) and gasped,” Glasgow said while discussing Trump’s latest trade policies with former Senator Rick Santorum. The moment came in response to Treasury Secretary Scott Bessent’s public urging for Americans not to overreact to “day-to-day fluctuations” in the market. NewsMax / screen grab

Santorum Calls Market Plunge a “Huge Problem” for Trump’s Campaign

Glasgow asked Santorum whether Americans would grant Trump “this grace period here while they trust in his plan.” Santorum acknowledged the political risk, calling the market plunge a “huge problem” for Trump’s campaign and administration, especially for older Americans nearing retirement. Gage Skidmore / Wikimedia

Santorum Defends Market Outlook: "Your 401(k) Depends on Your Age"

“With all due respect, Jon, you looked at your 401(k), and you’re in your thirties or maybe forties, and your portfolio looks a lot different than someone who’s gonna retire this year,” Santorum responded, adding that even younger investors have seen their portfolios “take a dramatic hit.” Towfiqu barbhuiya / Pexels

Santorum Frames Tariffs as Tactical, Not Economic Doom

Santorum attempted to soften the blow, noting that many retirees keep the bulk of their savings outside the stock market. He framed Trump’s tariff moves as a negotiation tactic to secure better trade terms with countries like Japan and China. “What Trump is saying is look, we can negotiate free trade and get screwed again, or we can come out guns-a-blazin’,” Santorum said.

Glasgow appeared briefly reassured, calling it “the most bold move a president has ever made in the history of the United States.” Markus Winkler / Pexels

Trump Coins "PANICANS" Term for Doubting Supporters

Meanwhile, Trump doubled down on his stance via Truth Social, urging Americans not to become “PANICANS” — his new term for Republicans losing faith in him due to market instability. “The United States has a chance to do something that should have been done decades ago,” he posted. “Don’t be Weak! Don’t be Stupid! Don’t be a Panican (A new party based on Weak and Stupid people!).” The White House / Wikimedia

Administration Claims International Negotiation Success

National Economic Council Director Kevin Hassett claimed over 50 countries had already reached out to negotiate, asserting that foreign nations understand “they bear a lot of the tariff.” Executive Office of the President of the United States / Wikimedia

Trump Announces Japanese Trade Talks

Trump insisted that major trade breakthroughs were on the horizon, writing on Truth Social, “Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate! They have treated the U.S. very poorly on Trade. They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other ‘things.’”

He then pivoted to China, signaling that it remained his top concern. “It all has to change,” he wrote, “but especially with CHINA!!!” The White House / Wikimedia