Oh please, unless people are planning on cashing out their 401k they will be fine.
The markets don’t like tariffs but they will when profits are far bigger in the future.
Everyone's situation is different. Some people are withdrawing from their 401K monthly to pay bills.
If you are at a point in your retirement where you are dependent on your 401K income for your continuing life style a significant drop in stock value can hurt you.
Very few people today are retiring with a pension. Very few people get enough from SS to meet monthly expenses.