Today, dubbed "Liberation Day" by President Donald Trump, marks the official rollout of his long-anticipated tariff policy, set to reshape U.S. trade with major partners like Canada, Mexico, and China. As the tariffs take effect, Wall Street is reacting with a mix of volatility and opportunity, with investors scrambling to adjust portfolios amid the uncertainty. Here are five stocks making significant moves as the market digests the impact of these sweeping trade measures.
1. Ford Motor Company (NYSE:F) - Up 3.2%
Ford shares are climbing in early trading after the White House announced a one-month exemption for automakers from the 25% tariffs on imports from Canada and Mexico. With deep supply chain ties across North America, Ford benefits from the temporary reprieve, easing fears of immediate cost hikes. Analysts suggest this could be a short-term boost, but the stock’s fate hinges on whether the exemption holds beyond May.
2. NVIDIA Corporation (NASDAQ:NVDA) - Down 4.7%
Tech giant NVIDIA is taking a hit as the doubled 20% tariff on Chinese imports threatens to squeeze margins on its semiconductor supply chain. China remains a critical manufacturing hub for NVIDIA’s chips, and investors are wary of rising costs or potential retaliatory measures from Beijing. The stock, already volatile this year, reflects broader concerns about tech’s exposure to the escalating trade war.
3. Walmart Inc. (NYSE:WMT) - Down 2.9%
Retail behemoth Walmart is feeling the pressure as tariffs on goods from Mexico and China—key sources for its low-cost inventory—kick in. The company has warned that higher import costs could force price increases for consumers, denting its competitive edge. After a rocky first quarter, Walmart’s stock is sliding as investors brace for thinner margins in an already inflation-sensitive market.
4. Tesla, Inc. (NASDAQ:TSLA) - Up 5.1%
Tesla is bucking the downward trend, surging on news that its U.S.-centric production could shield it from the worst of the tariff fallout. Unlike rivals reliant on foreign imports, Tesla’s domestic manufacturing base positions it as a potential winner in Trump’s "America First" trade agenda. Enthusiasm for the stock is also fueled by CEO Elon Musk’s close ties to the administration, hinting at possible policy tailwinds.
5. Best Buy Co., Inc. (NYSE:BBY) - Down 6.3%
Electronics retailer Best Buy is among the hardest hit, with shares plunging after the company flagged tariff-related cost increases in its latest earnings outlook. With China and Mexico as top suppliers for its products, Best Buy faces a double whammy of higher input costs and potential consumer pushback if prices rise. The stock’s steep drop underscores the vulnerability of retail to Trump’s trade gambit.
Market Context
The S&P 500 (NY:SPY) opened down 1.2%, reflecting broad unease as the tariffs—25% on Canada and Mexico, 20% on China—begin to bite. While Trump has touted the measures as a boon for U.S. manufacturing and jobs, critics warn of inflation spikes and a possible recession. Retaliatory tariffs from Canada, Mexico, and China, announced in recent weeks, add fuel to the fire, with global markets from Europe to Asia also trending lower.
Investors are now eyeing the 4 p.m. EDT Rose Garden address, where Trump is expected to clarify the tariff plan’s scope and timeline. For now, the market remains in limbo, with these five stocks offering a snapshot of the winners and losers on this historic "Tariff Day." As the dust settles, the true economic impact—and Wall Street’s next moves—will come into sharper focus.