Liberation Day Anniversary: Section 232 Expansion Triggers $6.6T Two-Day Market Crash

One year after Liberation Day, Trump expanded Section 232 metal tariffs to 50% (steel/aluminum/copper) and announced 100% tariffs on patented pharmaceuticals (effective 120-180 days), covering approximately $400B in additional import value. The S&P 500 fell 10% in two days (April 3-4), the largest two-day market loss in history ($6.6 trillion in market capitalization), and the Nasdaq entered a bear market. China's 34% blanket retaliation (effective April 10) was announced April 4, triggering the worst single crash day (S&P -5.97%). On April 9, the US raised tariffs on China to 104% effective rate; China responded with 84%. The dual 104%/84% near-embargo brought bilateral tariffs to levels not seen since the 1930s Smoot-Hawley era.