Keyword → Supreme Court IEEPA

Apr 6, 2026

One Year After Liberation Day — S&P 500 Down 7% YTD but Markets Have Defied the Crash Predictions

Wednesday marked the one-year anniversary of President Trump's April 2, 2025 Liberation Day tariff announcement, and despite a rocky 12 months that saw the Supreme Court strike down IEEPA tariffs and a replacement 15% global baseline imposed, the S&P 500 has not crashed — but it has underperformed dramatically, down 7% year-to-date as global investors reassess American exceptionalism.

SPY QQQ DIA IWM TM +25 more

Liberation Day anniversary tariffs S&P 500 2026 trade war Supreme Court IEEPA global trade market performance

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