Duties and Markets: The Best and Worst Performing Stocks After Trump’s Tariff Announcement
New York, NY – April 9, 2025, 12:53 PM PDT
President Donald Trump’s April 2, 2025, “Liberation Day” tariff announcement—imposing a baseline 10% duty on all imports and higher reciprocal rates on 86 countries—sent shockwaves through U.S. financial markets, triggering steep declines and wild volatility. The subsequent 90-day pause on non-China tariffs, excluding a 125% levy on Chinese goods, announced late Tuesday, April 8, sparked a dramatic relief rally Wednesday morning, with the Dow surging over 1,500 points. Amid this rollercoaster, certain stocks emerged as standout winners and losers, reflecting the market’s reaction to Trump’s evolving trade policy. Here’s a look at the best and worst performers since the initial announcement, based on their sensitivity to tariffs, global exposure, and investor sentiment shifts.
The Best Performers
- Walmart Inc. (WMT) – Up 8.2% since April 2
- Why It Thrived: Walmart, a retail behemoth with a robust domestic supply chain, capitalized on the tariff pause. Analysts at Oppenheimer and UBS flagged it as a tariff-resilient giant, capable of leveraging its scale to absorb potential cost increases while benefiting from consumer shifts to value-driven retailers amid economic uncertainty. Its stock jumped as investors bet on its ability to weather trade disruptions better than import-heavy competitors.
- Berkshire Hathaway Inc. (BRK.B) – Up 2.1% since April 2
- Why It Held Strong: Warren Buffett’s conglomerate, with its $335 billion cash hoard and diversified U.S.-centric portfolio, emerged as a safe haven. Its minimal decline of 1.4% on the tariff announcement’s brutal April 3 sell-off—compared to the S&P 500’s 4.8% plunge—underscored its resilience. The tariff pause further boosted its appeal, lifting shares as investors sought stability over tariff-exposed multinationals.
- Colgate-Palmolive Co. (CL) – Up 5.6% since April 2
- Why It Gained: As a consumer staples leader, Colgate-Palmolive benefited from a flight to defensive stocks. Its focus on essential goods and limited reliance on tariff-hit regions like Southeast Asia shielded it from the worst fears. The stock rose nearly 8% on April 3 alone, per Investopedia, as investors pivoted to sectors less vulnerable to trade wars.
The Worst Performers
- Apple Inc. (AAPL) – Down 12.7% since April 2
- Why It Tanked: Apple, heavily reliant on Chinese manufacturing and global sales, bore the brunt of the 125% China tariff escalation. Its stock dove 9% on April 3, per Forbes, as fears of supply chain disruptions and higher costs loomed. Even the broader tariff pause offered little relief, with shares lagging amid a $470 billion combined market cap loss with Nvidia by April 4 midday, per The Guardian.
- Nike Inc. (NKE) – Down 14.3% since April 2
- Why It Suffered: With 50% of its footwear made in Vietnam (facing a paused 46% tariff) and significant production in China (125% tariff), Nike was a poster child for tariff vulnerability. Morgan Stanley had warned of its exposure, and shares plummeted 6% in after-hours trading post-announcement, per CNBC, with losses deepening as investors braced for margin squeezes and price hikes.
- Ford Motor Co. (F) – Down 11.9% since April 2
- Why It Slumped: Automakers like Ford, reliant on global supply chains and exports, were hammered by the initial tariff threat. Though Canada and Mexico—key partners under USMCA—saw duties paused, Ford dropped sharply in late March and continued sliding post-announcement, per CNBC, as uncertainty over long-term trade stability and retaliatory risks lingered.
Market Context and Outlook
The initial tariff rollout erased over $5 trillion from U.S. equities in two days, per Bloomberg, with the S&P 500 logging its worst day since June 2020 on April 3 (-4.8%). The Russell 2000 of smaller firms fell 6.5%, reflecting fears of a tariff-driven recession. Yet, Tuesday’s pause—leaving China as the sole high-tariff target—ignited a short squeeze Wednesday, with the Dow up over 6% and tech stocks like Alphabet and Nvidia clawing back ground, per CNBC. Defensive sectors like consumer staples (e.g., Colgate) and diversified giants (e.g., Berkshire) outperformed, while tariff-sensitive tech (Apple) and consumer discretionary (Nike, Ford) lagged.
Analysts remain cautious. Goldman Sachs now pegs recession odds at 45%, up from 35%, per NPR, while JPMorgan warns of stagflation risks if tariffs persist beyond the 90-day window ending July 8. For now, winners like Walmart and Berkshire reflect investor bets on domestic strength, while losers like Apple and Nike highlight the perils of global exposure in Trump’s trade war era. As negotiations unfold, these titles may yet see further swings—proving the market’s tariff saga is far from over.