It's been one of the most chaotic stretches for US markets in recent memory. And the massive surge in long-term Treasury yields has served as yet another example of the bizarre trading action in the aftermath of President Trump's tariff-fueled "Liberation Day.

First, here's a quick summary of the tariff situation. Trump proclaimed April 2 "Liberation Day," suggesting that his tariff announcements represented economic freedom for the U.S. In early March, Trump initially spoke of tariffs on imports from Canada, China, and Mexico, then said he would announce the complete plan a month later.

President Donald Trump has routinely declared tariffs as one of the most beautiful words in the dictionary and has regularly accused foreign countries of ripping off the U.S.