Market history · Trade ·
Liberation Day: a tariff shock reprices global markets
On 2 April 2025 the US announced a 10% baseline tariff on imports plus higher, country-specific "reciprocal" rates. Equity markets fell sharply over the following sessions, and reports put the loss in US stock market value at more than $3 trillion.
Within about a week the administration paused most of the higher country-specific rates for 90 days, and markets recovered a large part of the fall. The episode was a reminder that policy announcements can move markets faster than economic data.
The takeaway
Trade policy is a market risk in its own right; diversification across regions and asset classes matters when it flares.
This is a retrospective about a past event, provided for general information. It is not investment advice, does not describe RockLake's positioning at the time, and past performance is not a guide to future performance. Read the risk warning.