This is one of the most important days of the year for stocks and crypto. Everything you need to know about Trump's "Liberation Day" on April 2 (today).👇 What's happening? The implementation of a new wave of "reciprocal" tariffs on imports into the United States, aimed at countering trade barriers imposed by other countries on U.S. goods. Timing: Announcements could be anytime, but we'll likely see a live speech or press release during the U.S. afternoon or evening. Biggest variables (unknowns): • How big are the tariffs? 10%? 20%? Higher? Estimates right now range from ~12-20% • Which countries will be affected the most? • Which countries will retaliate? Could it snowball into a much bigger trade war? Impact on markets: • Market reaction will likely depend on how aggressive the tariffs are. Markets are forward-looking, so they are likely already priced into markets, but the market reaction on the day will depend on how extreme we deviate from consensus expectations. Retaliation from other countries over the coming days will also impact how markets digest things. • Keep your eye on sector-specific impacts, e.g. tech/consumer goods could be more affected due to the direct impact of the tariffs on certain trade lines. • In the short term, it's not unreasonable to assume that the majority of de-risking has already occurred - events like these are often "buy the rumour, sell the news". • It will obviously be a volatile day/few days as headlines break, so I would avoid leverage. Technical setups during this period might also be prone to fakeouts.