Back then investors believed trump, and were afraid of the results his actions would have. On liberation day there was 34% tariff on China, and the market crashed.
Now with 30% tariff on China for 90 days (and who knows what will come after), and no major deals apart from UK, the market rallies. Trump has shown that he easily folds, and their promises/threats are mostly empty, so investors are confident everything just goes as before.
What would need to happen for the market to see early April levels again? Like tech -50%.