The markets(TM) tend to have a bit of a normalcy/nothing-ever-happens bias, and are overly-willing to discount the possibility of unusual/nonsensical things hap

The markets(TM) tend to have a bit of a normalcy/nothing-ever-happens bias, and are overly-willing to discount the possibility of unusual/nonsensical things happening. So, to an extent, even when tariffs were announced, the markets did not entirely believe in them. However, they are beginning to believe in them now.