{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,14]],"date-time":"2026-04-14T15:11:06Z","timestamp":1776179466279,"version":"3.50.1"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Using NASDAQ TotalView Level 3 data for 20 stocks, I document how order book microstructurechanged during the April 2025 Liberation Day tariff shock. Trading volume doubled (+101%), butorder composition shifted dramatically: median order lifetime collapsed from 120ms to 32ms (-73%),sub-millisecond orders rose 18%, and cancel-to-trade ratios fell 27%. These patterns indicate a regimeshift from patient liquidity provision to aggressive, short-lived order placement. The effect isheterogeneous: smaller-cap stocks (CMCSA +478%, CSCO +357%) experienced larger surges thanmega-caps (TSLA +21%). Cross-sectionally, the volume surge explains the lifetime collapse (r =-0.91). This provides nanosecond-resolution evidence on how a trade policy shock transforms limitorder book dynamics.<\/jats:p>","DOI":"10.2139\/ssrn.6574207","type":"posted-content","created":{"date-parts":[[2026,4,14]],"date-time":"2026-04-14T14:36:04Z","timestamp":1776177364000},"source":"Crossref","is-referenced-by-count":0,"title":["Order Book Dynamics During the Liberation Day Tariff Shock:Evidence from 20 NASDAQ Stocks"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,4,14]],"date-time":"2026-04-14T14:36:04Z","timestamp":1776177364000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6574207"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6574207","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}