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Dec 30, 2025 8:00 PM

Trump's Tariffs — And The Art Of The Rebound

President Donald Trump sent a shockwave through markets on April 2, 2025, a date he proclaimed as “Liberation Day.” He announced a sweeping 10% baseline global tariff and reciprocal duties ranging from 11% to 50% on dozens of countries.

The market's reaction was immediate and visceral.

SPY is up 17% in 2025. See the details and chart here.

The April Shock

The market volatility following the “Liberation Day” tariff announcement was among the most extreme in financial history. Over a single week, the major indexes experienced both their worst two-day sell-off since the COVID-19 pandemic and one of their greatest single-day rallies.

Read Next: Silver Rallies After Worst Day In 5 Years, Metals Bounce Back

Below is the day-by-day market performance following Trump's announcement, according to data from Benzinga Pro:

Daily Market Performance (April 2025)

Date

Event

Dow Jones

S&P 500

Nasdaq

April 3

Immediate Fallout: Fear of a global trade war sparked the worst day since 2020.

-3.98% (-1,679 pts)

-4.88%

-5.97%

April 4

The Rout Deepens: Selling accelerated as China retaliated with its own 34% tariff.

-5.20% (-2,231 pts)

-6.00%

-5.80%

April 7

The ...

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