Markets reacted violently to the 'liberation day' tariffs implemented by President Trump. The firing of Attorney General Pam Bondi added political turbulence. Private credit investors are demanding their money back from Blue Owl Capital at an alarming rate, totaling $5.4 billion.

Robert Armstrong of the Financial Times explores the Taco trade theory in a recent analysis, examining how these events reshaped the US market's surprising rebound. This theory suggests the tariffs unexpectedly stimulated domestic production, creating a counterintuitive economic boost.