Markets loathed tariffs. Now can they learn to live without them?

Published September 4, 2025 1:00pm ET



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Five months ago, President Donald Trump‘s “Liberation Day” tariff announcement put investors on suicide watch. The stock market lost $6.6 trillion in its largest two-day collapse in history, and then the bottom fell out of the bond market as the 30-year Treasury yield posted its biggest three-day jump in nearly half a century.

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