Global markets witnessed a significant decline due to the escalation of the US-China trade war, as China imposed hefty 84% tariffs on US goods. This move led to a fall in US stock futures and a surge in bond yields, indicating apprehensions about the bond market. The pharmaceutical sector took a hit with major stocks experiencing a drop, further fueling concerns about a possible recession. Investors turned to safer assets such as gold and the yen, causing a rise in their value, while oil prices saw a significant plunge. The repercussions of this trade tension between the world’s two largest economies are being felt across various sectors, raising uncertainties in the global market scenario.