The stock market fell significantly on Thursday after President Donald Trump’s “Liberation Day” announcement. Trump began his “Liberation Day” announcement after 4 p.m. on Wednesday, when markets closed for the day,

Impact effect? Risk-off and lower Treasury yields. No break of prior ranges on market rates but it smells like they want to go lower ahead. It feels like this could unravel further negative.

First, here's a quick summary of the tariff situation. Trump proclaimed April 2 "Liberation Day," suggesting that his tariff announcements represented economic freedom for the U.S. In early March, Trump initially spoke of tariffs on imports from Canada, China, and Mexico, then said he would announce the complete plan a month later.