John Authers, Columnist

Liberation Day Will Expose the Bark Vs. Bite Ratio

What exactly lies behind the reciprocal tariffs that we’ll be freed from?

March 25, 2025 at 1:01 AM EDT

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Markets want a Liberation Day from uncertainty.
Photographer: Samuel Corum/Sipa

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Nobody has ever questioned Donald Trump’s ability to set the agenda with a telling phrase. Suddenly, market conversation is dominated by Liberation Day, the name he’s given to his announcement of reciprocal tariffs on April 2. A count of news stories from all sources on the Bloomberg terminal shows an explosion of interest: