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Tariff posts and headlines: what happened next

After 8 tariff escalation headlines since 2018, the S&P 500 moved -1.60% on average the next day and -1.47% over five days. Gold rose over five days in 88% of cases.

Posts, speeches and orders about tariffs became a market driver of their own. This study uses dated headlines where the timing is clear. When a headline came after the US close, the reaction starts from that day's close. The list is short, so single events weigh heavily; we add new headlines as they happen.

S&P 500-1.47%Nasdaq Composite-1.47%DAX-2.52%Nikkei 225-3.53%KOSPI-3.22%Hang Seng-2.95%Copper-1.79%Gold+1.38%WTI crude oil-3.31%Bitcoin+2.59%US dollar index (DXY)-0.40%USD/JPY-1.75%US 10-year Treasury yield-7 bpApple-3.72%Tesla-5.24%
Average five-day move after tariff escalation headlines

Average reactions

MarketCasesDay 1Day 5Day 20Up after 5 days
S&P 5008-1.60%-1.47%-1.97%38%
Nasdaq Composite8-1.82%-1.47%-2.40%25%
DAX8-1.28%-2.52%+0.59%38%
Nikkei 2257-0.91%-3.53%-0.15%0%
KOSPI8-0.73%-3.22%-0.50%25%
Hang Seng8-0.64%-2.95%-1.01%25%
Copper8-0.85%-1.79%-1.51%50%
Gold8+0.20%+1.38%+2.51%88%
WTI crude oil8-2.24%-3.31%-3.26%25%
Bitcoin8+0.77%+2.59%+3.47%63%
US dollar index (DXY)8-0.23%-0.40%-0.54%25%
USD/JPY8-0.28%-1.75%-1.14%0%
US 10-year Treasury yield8-6 bp-7 bp-13 bp25%
Apple8-2.90%-3.72%-2.13%13%
Tesla8-3.07%-5.24%-7.03%13%

Every headline

DateHeadlineS&P 500KOSPICopperGoldUSD/JPY
March 1, 2018US announces steel and aluminium tariffs+0.48%+0.24%+0.21%+0.80%-1.76%
March 22, 2018US signs memorandum for tariffs on Chinese goods-3.94%-2.64%-1.79%+0.27%-0.92%
May 5, 2019Weekend posts threaten higher tariffs on China-2.18%-5.34%-1.42%+0.51%-1.51%
August 1, 2019Post announces new tariff on remaining Chinese imports-3.23%-5.67%-3.50%+5.69%-2.05%
August 23, 2019Posts tell US companies to look for alternatives to China+0.06%-0.90%+0.23%+1.95%-0.49%
November 25, 2024Post promises tariffs on Canada, Mexico and China+1.04%-3.15%+1.33%+1.89%-2.76%
February 1, 2025Tariff orders on Canada, Mexico and China signed on a Saturday-0.24%+0.18%+7.50%+2.67%-1.88%
April 2, 2025Broad reciprocal tariffs announced after the close-3.77%-8.47%-16.88%-2.74%-2.63%
April 9, 2025Ninety-day pause on most reciprocal tariffs+8.31%+6.13%+11.71%+8.37%-3.09%

Five-day moves.

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Not investment advice. Market Seasonality publishes historical statistics, news summaries and scenario analysis for information and education. Past patterns do not guarantee future results. Nothing here is a recommendation to buy, sell or hold any asset, and scenarios describe possible paths without predicting them. See the disclaimer and methodology.