US Finance
Liberation Day Tariffs: One Year Later — What the S&P 500 Crash Taught Every Investor
On April 2, 2025, President Trump signed executive orders imposing 34% tariffs on Chinese imports, 20% on EU goods, and 46% on Vietnam — a shock that sent the S&P 500 down 4.8% on April 3 and another 6% on April 4, a combined 10.5% two-day decline. By April 8, 2025 the index had fallen ~19% from its peak. One year later, the S&P 500 has rebounded 32% from that low and delivered +16% year-over-year. We examine what actually happened, what investors who held (or bought) earned, and the three lessons for the next market shock.