In the odd case someone was lucky enough to pull a Bessent and not to look at US equity futures since the cash close, we have some very bad news: Trump's 'liberation day" ended up being just that, and as of this moment traders feel greatly liberated of much of their net worth.

But today's rugging by Trump was especially brutal because while risk assets did eventually crater, with S&P futures flirting with a 4% drop and the Nikkei nuked 6% lower, futures actually spiked higher at first on flashing red headlines that Trump would institute a 10% tariff floor. The "efficient" market, in its infinite shoot first ask questions never wisdom, interpreted this as the final shape of Trump's trade war and assumed this would be the extent of today's announcement... and boy was it wrong: the president was just getting warmed up, and the very next minute Trump unveiled an ungodly barrage of reciprocal tariffs against literally the entire world, including some cases of near triple-digit reciprocal tariffs which will lead to a historic emerging markets shock...

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— Crypto_Maximaliste (@Crypto__Maxi) April 2, 2025