Yesterday, President Trump announced his long-awaited tariffs on U.S. trading partners that will raise the effective tariff rate to levels not seen since the 1930s. Markets are reacting sharply to the news as the import duties are more onerous than broadly anticipated, and the announcement created more questions than answers as investors gauge the responses from trading partners and consider the longer-term implications.

The volatile ride in U.S. equity markets continued last week as tariff concerns remained front and center on the minds of investors as well as consumers ahead of the White House’s scheduled tariff announcements to be released April 2nd.

Following a bruising four week sell-off that saw the S&P 500 briefly dip into correction territory, U.S. equity markets managed to find some footing last week and have started this week on a constructive tone following several reports this weekend that upcoming tariff increases may be more measured than initially feared.

U.S. equities tumbled lower for the fourth straight week as the S&P 500 briefly dipped into correction territory with a drawdown over 10% before rebounding higher on Friday to close the week.

Investor confidence was shaken last week while they contemplate the effects of multiple actions taken by the Trump administration. After a contentious meeting at the White House with President Zalinski on a trade agreement for rare earth minerals, President Trump paused all aid to Ukraine increasing global tensions.