The reciprocal tariffs are expected to be announced by President Trump on Wednesday, which is being referred to as “Liberation Day.” The administration’s position is that revenue from tariffs will pay for tax cuts elsewhere.

During the first three months of 2025, the S&P 500 lost 4.6%, marking the worst quarter in two-and-a-half years. The tech-heavy Nasdaq composite ended the first three months of the year with a 10.4% decline, while the Dow Jones Industrial Average shed 2.2% over the same period.