About this work
The April 2, 2025 tariff announcement marks a major change in US trade policy. This initial assessment examines a universal 10 percent tariff combined with additional country rates and a broad policy reach. Falling equity futures, rising gold and currency repricing illustrate how markets immediately responded to greater expected trade friction.
Cite this work
Marcello Estevão, Jonathan Fortun (2025). Special Report: Liberation Day: A New Tariff Framework Arrived!. Institute of International Finance.