Global markets experienced a significant downturn due to the escalating US-China trade war, which saw China imposing hefty 84% tariffs on US goods. This move caused US stock futures to decline and bond yields to spike, indicating anxiety within the bond market. The pharmaceutical sector took a hit as major stocks plummeted, fueling worries about a possible recession. Investors turned towards safer assets, leading to a rise in the value of gold and the yen, while oil prices witnessed a sharp decline. The ongoing trade tensions between the world’s two largest economies have sparked a wave of uncertainty in the financial markets, prompting a cautious approach among traders and investors alike.