Liberation Day for Trump, Volatility Day for Everyone Else

We’ve seen this movie before. Only this time, the script is worse, the direction sloppier, and the fallout harder to contain.

Last week, Donald Trump declared “Liberation Day,” announcing sweeping new tariffs: 10% across the board for all imports to the US, and 20% for EU goods. There were no exemptions, not even for the UK, whose diplomats reportedly learned of the move from a Bloomberg push notification. The reaction? Markets gasped, global stocks sank, and wholesale energy prices across Europe—including in Britain—fell sharply. And that’s not the good kind of falling.