The Trump administration’s most drastic implementation of tariffs to date ushered in a day of chaos for commercial real estate as markets roiled, price fears peaked and stakeholders openly worried that sticker shock could paralyze deals, leasing decisions and projects. Many in the industry hoped President Donald Trump’s “Liberation Day” of reciprocal tariffs would shine a light on the administration’s trade end game, one that would ease uncertainty and help them make decisions going forward. Instead, the dramatic size and scope of the levies — far more sweeping than anticipated — left some feeling more in the dark than ever.

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