Overview

• President Trump announced sweeping tariffs on imports, raising U.S. tariff rates to their highest levels in over a century.
• The S&P 500 and Nasdaq recorded their sharpest two-day declines since the COVID-19 pandemic, with the Nasdaq entering a bear market.
• China retaliated with 34% tariffs on U.S. imports, intensifying trade tensions and prompting fears of a prolonged economic conflict.
• JPMorgan increased the likelihood of a global recession to 60%, citing the economic fallout from the escalating trade war.
• The Federal Reserve warned of heightened risks to inflation and growth, complicating monetary policy as markets shed trillions in value.