Welcome to the award-winning Money Distilled newsletter. I’m John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money.

Markets are looking queasy again. “Liberation Day” looms. That’s the name given to this Wednesday, April 2nd by US President Donald Trump. It’s the day that the US is set to unveil tariffs on, well, potentially everyone. Investors, it seems, are fearful that the only thing they’ll be liberated from are their paper profits.