The global market meltdown following the announcement of the “Liberation Day” tariffs has raised concerns over its potential long-lasting impact on ASEAN+3 financial stability. Trade disruption from the US tariff policies and retaliation is expected to significantly affect the overall ASEAN+3 growth momentum and the impact would likely be uneven across sectors. This analytical note attempts to assess the post-Liberation Day tariff impact on ASEAN+3 financial markets, conduct a comparative study with the 2018 China-US trade tension to draw lessons learned and identify potential risks at sectoral level.