Impact effect? Risk-off and lower Treasury yields. No break of prior ranges on market rates but it smells like they want to go lower ahead. It feels like this could unravel further negative.

Steel stocks fell sharply in pre-market trading Thursday after President Donald Trump's "Liberation Day" tariffs took effect, bringing in a 10% duty on all countries and additional reciprocal tariffs across 185 nations.

While there are a few concerns that have investors' attention at the moment, including a forecasted contraction in first-quarter gross domestic product, along with the historic priciness of stocks, perhaps the prevailing issue for the stock market is President Donald Trump's tariff policy.

The announced tariffs were massive, raising the specter of recession. The tariffs' likely impact and stock behavior during past economic downturns are examined.

Crypto markets are poised to recover as investor sentiment recovers from peak uncertainty after Trump's tariff announcement.

History shows that it can take between a few months to a few years for stocks to rebound from the impact of tariffs. Where stocks go from here will largely depend on the economic impact caused by the tariffs and whether the U.S. dives further into isolationism. How the Fed reacts and any potential tax cuts could also play a role.