Wednesday’s upcoming tariff announcements provide a wide range of possible outcomes. The uncertainty and downside risks to the economy and earnings have rattled markets.

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.

Per Derek Guy, 3sixteen co-founder Andrew Chen told his Instagram followers yesterday how his company (and their prices) will be affected by Trump’s new tariffs: It’s April 5, which means the first of Trump sweeping new tariffs — the baseline global tariff of 10 percent — is now in effect.