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After the market close on April 2, as Donald Trump stood in the White House rose garden to announce sweeping tariff policies on what he described as Liberation Day, the foreign exchange market was the first responder. The US dollar index dropped 3.2% overnight, and volatility levels across multiple pairs surged. The volatility continued through the next few weeks as uncertainty swirled around the tariff policy. It is during these times that options market-makers can become rattled and withdraw liquidity. On April 11, for instance, when euro/US dollar spot surged 5% in a day, bid/offer spreads for one-month options on…