US equities were sharply lower this week, driven by the selloff that followed Trump's Wednesday "Liberation Day" tariff announcements. The tariff plan includes a 10% on all imports, while additional reciprocal tariffs will be applied on 60 nations, including a 34% tariff on China, 32% on Taiwan, 46% tariff on Vietnam, and 20% on EU. Growth fears sparked a sharp repricing around the Fed rate cut path this week.