The recent imposition of tariffs by President Trump has elicited a relatively stable reaction from equity markets, despite high intraday volatility. U.S. equity futures have responded similarly to past events like DeepSeek, suggesting that investors anticipate a quick resolution to the trade war. Major U.S. stock futures have declined between 1.5% and 2%, with the Russell 2000 experiencing the most significant drop due to its lesser ability to handle tariffs. The Nasdaq 100 has underperformed the S&P 500 slightly, likely due to the impact of a stronger dollar on profits. In the bond market, the front end of the yield curve has seen slightly higher yields, reflecting uncertainty and commodity inflation risks, while the long end has rallied, possibly due to concerns over future growth. Commodity markets, particularly energy, have shown gains, with NYMEX gasoline and heating oil leading the way. The Canadian dollar and the Euro have borne much of the tariff load, with potential for violent reversals if relief is forthcoming. Bitcoin and altcoins have experienced a significant downturn, raising concerns about their impact on equities through crypto ETFs and related companies. Governor Gretchen Whitmer of Michigan has criticized the tariffs, stating they would increase costs for goods and services, particularly affecting the auto industry and working families.