Today at 4 PM we will hear Trump’s plan on tariffs. Looking at the market, we briefly dipped 3% below the 200-day moving average before bouncing just above it as we await further clarity. We’re all waiting, uncertain of what’s to come and how these tariffs will impact the economy. To help make sense of it, let’s break down these tariffs through a “What?”, “Who?”, and “When?” framework.

What?

Are these tariffs flat-rate across the board, or will they vary by product or sector? Are they country-specific?

Who?

Will these tariffs apply to all nations and trade partners, or is it targeted at specific countries?

When?

Are the tariffs set to begin immediately, or will there be a delayed start?

Today marks one of the biggest news events since Covid. However, this is more than just news—it’s an economic shift. Many different perspectives are emerging regarding this impending change. The best way we can prepare is to approach this tariff announcement through the “What?”, “Who?”, and “When?” matrix.