Liberation Day, the April 2nd date on which President Trump unilaterally imposed across-the-board tariffs on all trading partners of the United States created several dislocations in the economy and the capital markets. Initially, it prompted importers to buy inventory in advance of the tariffs, causing a huge spike in the monthly trade deficit prior to that imposition. As expected, in the months that followed the deficit contracted when buyers, swelled with inventory, paused their buying.