US stock markets fell in response to the announcement of President Trump’s “Liberation Day” tariffs until the tariffs were paused a few days later. This column shows that the stocks of firms headquartered in counties that tend to vote Republican, and stock indexes for industries with more firms headquartered in ‘redder’ counties, fell more than the stocks of firms in ‘bluer’ counties and industries. The findings appear to reflect some mix of investors’ lower expectations and heightened fears