The Trump administration’s announcement of widespread tariffs has thrown the stock market into a tailspin, increasing the odds of a recession.

This economic turmoil could have far-ranging implications, and some Americans’ first question — and the outcome they believe they have most control over — is how to handle their retirement savings and other investments. While recent losses to your 401(k) account may inspire panic, experts caution most people (basically anyone not nearing retirement or recently retired, in which case the advice may vary) from making drastic changes to their investment strategy.

The current financial situation is propelled by fear, says Meir Statman, a professor of finance at Santa Clara University and the author of A Wealth of Well-Being: A Holistic Approach to Behavioral Finance.

While selling stocks during a downturn may feel satisfying in the short term and scratches the itch to take some sort of action, Statman says you need to rely on more than intuition in making significant financial moves. “Surely I wish I sold my stocks on Tuesday of last week, but I didn’t, and I cannot sell them now at last Tuesday’s price,” Statman says. “I know that in all likelihood, I’ll be making the wrong decision, and that wrong decision is going to cost me if I get out now.”

The most sound financial guidance will also be the most familiar: Stay the course, don’t let emotions be the sole driver of your decisions, and look to the past as a guide.

“It’s much easier said than done to distract yourself and not look at your retirement account, not trade at a time of heightened volatility,” says Greg McBride, the........

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