Trump says tariffs will cause "a little disturbance." Here's what that could means for your 401(k).

During his Tuesday night address to Congress, President Trump acknowledged his barrage of tariffs might cause "a little disturbance." But with the stock market tumbling this week in reaction to his import duties, workers with 401(k) plans may wonder about how much that disturbance could affect their retirement savings. 

The S&P 500 has lost about 3% of its value since Friday, with Wall Street tumbling on Monday and Tuesday after Mr. Trump decided to move forward with 25% tariffs on nearly all goods imported from Mexico and Canada, and an additional 10% on Chinese imports. The stock index regained some ground on Wednesday, rising 21 points, or 0.4%, to 5,799 in afternoon trading.

According to Wall Street analysts, the market reaction reflects investor concerns that a trade war could crimp U.S. economic growth and reignite inflation, putting pressure on U.S. consumers who are already financially strained after grappling with several years of elevated price increases. Some recent economic data also points to souring outlooks from consumers and businesses, with both groups now expecting higher inflation in the face of Mr. Trump's new tariffs.