Wall Street experienced a record-breaking revenue surge in the year’s second quarter, investment bank Goldman Sachs announced Wednesday morning, following the market uncertainty caused by President Donald Trump’s “Liberation Day” tariffs in April.

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The president announced the trade framework – in what he said was ‘perhaps the largest Deal ever made’ – in a Truth Social post Tuesday

Early trading on Wall Street was quietly mixed as markets shift their attention toward a deluge of corporate earnings reports.

If investors widely bet that Trump will blink, that means there is no market freakout. And no market freakout in turn means no one is holding Trump’s feet to the fire, pressuring him to back away from policies that could damage the economy and corporate profits.

The majority of the new tariffs announced closely reflect the rates proposed in April; Laos and Burma are set to face the highest levy at 40%. Meanwhile, goods from Cambodia and Thailand will face slightly lower rates of 36%. Additionally, Brunei, Japan, Kazakhstan, Malaysia, Moldova, South Korea and Tunisia will see a 25% tariff hike.

Markets had dismissed tariff risks under the assumption that Trump would follow an earlier pattern and back off, in what became known as the so-called TACO trade. That allowed stocks to reach new record-high territory recently, marking a stunning rebound from the collapse triggered by his “Liberation Day” reciprocal tariffs in April.

On Wednesday morning, as markets worldwide shuddered on news that President Donald Trump was likely to fire Jerome Powell, James van Geelen at Citrini Research wasted no time in blasting a “macro trade” alert to his some 50,