The first anniversary of “Liberation Day” (April 2, 2025) marks one of the most abrupt policy-driven market shocks in recent financial history. On that day, sweeping U.S. tariffs were announced across nearly all major trading partners, triggering an immediate and severe reaction across global equity markets. What followed was a classic case study in how markets process geopolitical shocks: an initial sharp drawdown, elevated volatility, and ultimately a recovery that highlights the forward-looking nature of markets. Examining both the short-term dislocation and the subsequent one-year performance of the S&P 500 provides valuable insight into market resilience, drawdowns, and how this episode compares to historical crises.