Today is April Fool’s, but for most investors, tomorrow is the edgiest day of the week. That’s because April 2 is President Trump’s self-proclaimed “Liberation Day”, marking the announcement of new tariffs aimed at creating a more balanced trade environment for U.S. exports. Here’s what’s happening this week…

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• Wall Street took a hit on Monday as investors braced for President Trump’s upcoming tariff announcements on April 2, which he’s calling “Liberation Day.” The idea behind these tariffs is to level the playing field by matching the import fees other countries impose on U.S. goods. But the market’s not loving it. Tariffs often mean higher prices for American consumers, and that’s got people worried. Consumer confidence has dropped to its lowest point in 12 years, with inflation fears adding to the anxiety. This comes after a rough month for stocks, with the S&P 500 heading for its worst quarter in nearly three years, down over 5% so far. Investors are uneasy about the combo of rising inflation and a slowing economy, as households tighten their spending amid the escalating trade war. Details on Trump’s next round of tariffs are still unclear, but they’re expected to mirror the import duties other nations place on U.S. goods. We’ll find out more tomorrow. *

• On Friday, the Bureau of Labor Statistics will publish non-farm payrolls as well as the unemployment rate for March. If the February report is a continuation of a trend, expect employment to increase and the unemployment rate barely changing at 4.1%. Analysts expect tariff concerns and policy changes may impact sectors like transportation, warehousing, and retail, leading to job cuts. In February, the Federal government cut 10,000 jobs, so we can expect that decline to accelerate in Friday’s report. **

• The S&P 500 is wrapping up its worst first quarter in five years, down 5.7% as the month comes to a close. The NASDAQ isn’t doing much better—it’s off by 11.9% this quarter, marking its fourth-worst performance ever. Even the Magnificent 7 tech giants are down about 12%. Meanwhile, gold is having a moment. It hit an all-time high of $3,115.97 per ounce in overnight trading, making it the metal’s best quarterly rally since 1986. Quite the contrast, huh? ***