Older Arizona Voters Are Closely Watching Trump's Tariffs - And Their Retirement Accounts

Susan Hemphill said she's always been frugal with her spending. But the recent volatility in the stock market caused by President Donald Trump's on-again, off-again tariffs and an escalating trade war with China have made her even more cautious.

These days, Hemphill is staying closer to home in Sun City, Arizona, a 55-and-older community near Phoenix. No more day trips to Sedona, the retired union organizer said, fighting tears as she wondered aloud whether she could run out of money.

"I'm so tired of Trump playing with our lives," said Hemphill, who voted for Democrat Kamala Harris in November. "I'm too old for this. I just really want to be retired. I want to enjoy - I don't want to worry."

Trump was elected with a promise to improve the economy, lower taxes and control inflation, addressing voters who said overwhelmingly that the economy was the top issue facing the country . But for retirees like Hemphill, the Republican president's economic stewardship has been defined by the roller coaster of the stock market and fears his tariffs will lead to higher inflation.

"Some are considering curtailing their spending, such as saving their tax refunds instead of spending them, while others are adjusting their investment strategies by moving money into more conservative allocations like bonds and gold," said Prudence Zhu, a Phoenix-area financial adviser, in an email. "While this is often an emotional response, it's not necessarily the optimal strategy in most cases."