Republican lawmakers are defending President Trump’s expansive tariffs, which have received condemnation from many economists and global leaders including Canadian Prime Minister Mark Carney who has vowed retaliation tariffs. Trump’s new wave of tariffs including on foreign cars and parts will go in effect on April 2, which Trump has declared “Liberation Day.”
Trump-endorsed U.S. Senator Tim Sheehy (R-MT) said on CNN on Monday: “There’s absolutely going to be short-term pain,” he added, “the president’s been clear about that. Everyone has.”
On Fox News, host Harris Faulkner echoed the sentiment of Sheehy and said she tried to advise Republicans on how to communicate the “short-term pain” to Americans including “those 401k people who are depending, those retirees, all of that, just talk in plain speak with them.”
Faulkner added, “Look, when this nation used to go to war, people in this country would support the war effort with their materials at home and making things for weaponry and all that.” She added, “We gotta do a 100 percent buy in over this bumpy period.”
Fox News now saying 401K holders should just accept their fate since 2025 tariffs on Canadian potash is our modern day Normandy Beach.
“We need 100% buy in”.
— Spencer Hakimian (@SpencerHakimian) April 1, 2025
Spencer Hakimian, founder of the New York City hedge fund company Tolou Capital Management, responded to Faulkner’s remarks on X and wrote: “Fox News now saying 401K holders should just accept their fate since 2025 tariffs on Canadian potash is our modern day Normandy Beach.”
J.L. Lund, founder of Lianeon Ventures, replied to Hakimian: “We went from fighting against taxation to cheering for them.”
Journalist Jim Stinson replied: “Who voted for higher prices?” and another replied with a video of Trump at a campaign rally promising the crowd: “Starting on day one of my new administration, we will end inflation and make America affordable again because the prices are too high.”
Note: Once you turn 59½, you’re able to begin making withdrawals from your 401(k) without penalty. If you withdraw before, you’ll be subject to an early withdrawal penalty of 10% and taxed at ordinary income tax rates.