Marco Rubio says millions of American jobs were destroyed for cheap goods — but Trump’s fix could crash your retirement

Jing Pan

Thu, August 6, 2026 at 4:55 PM GMT+3 9 min read

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For decades, Americans enjoyed access to increasingly cheap goods made overseas.

But according to Secretary of State Marco Rubio, that bargain came with a devastating hidden cost: the hollowing out of America's industrial base and the loss of millions of jobs.

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"We started saying things like, 'We don't care where things are made, let it be made in another country as long as it's cheaper prices for America,'" Rubio said during a recent appearance on Fox News (1).

"And it ended up deindustrializing our country and costing us millions of jobs."

Rubio argued that the mindset took hold after the Cold War, when policymakers assumed the world would embrace free enterprise, democratic government and closer economic integration.

The result was a system that prioritized lower consumer prices, even when achieving them meant shifting factories, supply chains and employment opportunities outside the U.S.

President Donald Trump is now trying to reverse that trend.

"So what you see President Trump doing now is rebalancing those things, on the economy using tariffs, on geopolitics using our presence in the world, especially in the Western Hemisphere, our own area of neighborhood that we live in," Rubio explained.

The goal is to bring more production home, reduce dependence on foreign suppliers and rebuild some of the manufacturing capacity America surrendered over previous decades.

But that reset may not be painless for consumers or investors.

Goods made by American workers under U.S. labor, environmental and regulatory standards may not carry the same rock-bottom prices consumers became accustomed to during the era of globalization. Tariffs — one of Trump's signature economic policies — can also raise costs for importers, which may pass some of that expense on to households.

Research from the Federal Reserve Bank of New York (2) found that nearly 90% of tariff costs are borne by U.S. firms and consumers rather than foreign producers.

Meanwhile, the Joint Economic Committee (3) estimated that tariffs cost the average American family more than $1,700 during the 12 months from February 2025 through January 2026.

And although Trump's sweeping tariffs were deemed illegal by the U.S. Supreme Court, the president recently emphasized (4) that his administration is pursuing them "in a different way" that is "just as good."

If those policies keep prices elevated, the consequences could extend far beyond a more expensive trip to the store.

Persistent inflation can erode the purchasing power of retirement savings, keep interest rates higher for longer and create fresh volatility in stocks and bonds — the very assets many Americans rely on to fund their golden years.

That does not necessarily mean Trump's strategy is wrong. It means the effort to restore American industry could create a difficult transition for households that have grown accustomed to cheap imported goods and steadily rising financial markets.

For retirees and workers approaching retirement, the question is no longer just whether America can rebuild its factories.

It is whether their nest eggs are positioned to withstand the higher prices and market turbulence that could come with it.

A classic safe haven

When it comes to preserving wealth and fighting inflation, few assets have stood the test of time like gold.

Its appeal is simple: unlike fiat currencies, the yellow metal can't be printed at will by central banks.

Gold is also considered the ultimate safe haven. It's not tied to any one country, currency or economy, and in times of economic turmoil or geopolitical uncertainty, investors often flock to it — driving prices higher.

Ray Dalio, founder of the world's largest hedge fund, Bridgewater Associates, told CNBC last year that "People don't have, typically, an adequate amount of gold in their portfolio," adding, "When bad times come, gold is a very effective diversifier."

Over the past five years, as inflation continued to chip away at the purchasing power of the dollar, gold has climbed 132%.

Other prominent voices see further potential. JPMorgan CEO Jamie Dimon has said that in this environment, gold can "easily" rise to $10,000 an ounce.

One way to invest in gold that can also provide significant tax advantages is to open a gold IRA with the help of Goldco.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it a compelling potential option for those wanting to ensure their retirement funds are diversified during rough economic times.

Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.

If you're curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.

A time-tested income play

Gold isn't the only asset investors turn to during inflationary times. Real estate has also proven to be a powerful hedge — with the added benefit of generating cash flow.

When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts for inflation.

Over the past ten years, the S&P Cotality Case-Shiller U.S. National Home Price NSA Index (5) has jumped by 87%, reflecting strong demand and limited housing supply.

Of course, high home prices can make buying a home more challenging, especially with mortgage rates still elevated. And being a landlord isn't exactly hands-off work — managing tenants, maintenance and repairs can quickly eat into your time (and returns).

The good news? You don't need to buy a property outright — or deal with leaky faucets — to invest in real estate today. Crowdfunding platforms like Arrived offer an easier way to get exposure to this income-generating asset class.

Backed by world-class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100 — all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants.

The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase and then sit back as you start receiving any positive rental income distributions from your investment.

Mogul is another option. It's a real estate investment platform offering fractional ownership in blue-chip rental properties, which gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or 3 a.m. tenant calls.

Founded by former Goldman Sachs real estate investors, the team hand-picks the top 1% of single-family rental homes nationwide for you. In other words, you gain access to institutional-quality offerings for a fraction of the usual cost.

Each property undergoes a rigorous vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.

Diversify beyond Wall Street

"It's likely there'll be a 10 to 20% drawdown in equity markets sometime in the next 12 to 24 months."

That's according to Goldman Sachs CEO David Solomon, speaking at the Global Financial Leaders' Investment Summit in November 2025 (6).

Meanwhile, the Shiller P/E has just soared past 40x, a level last seen in 1999, hinting that the decade ahead may bring below-average returns for those tied to the S&P 500 (7).

With these warning signs, diversification isn't just smart — it's essential.

Billionaires like Jeff Bezos and Bill Gates continue to invest heavily in stocks, but they also carve out a portion of their portfolios for assets that behave differently from the market.

One standout example: post-war and contemporary art. This vertical outpaced the S&P 500 by 15% from 1995 to 2025 while showing near-zero correlation to traditional equities.

Until recently, this world was off-limits to everyday investors. Now, with Masterworks, you can buy fractional shares in multimillion-dollar works by icons like Banksy, Picasso and Basquiat. While art can be illiquid and typically requires a long-term hold, it offers unique portfolio diversification.

Masterworks has sold 31 artworks so far, yielding net annualized returns like 14.6%, 17.6% and 17.8%.*

Moneywise readers can get priority access to diversify with art: Skip the waitlist here.

*Past performance is not indicative of future returns. Investing involves risk. See important Regulation A disclosures at Masterworks.com/cd.

Marco Rubio says millions of American jobs were destroyed for cheap goods — but Trump’s fix could crash your retirement

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A classic safe haven

A time-tested income play

Diversify beyond Wall Street

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