Global markets witnessed a significant downturn amid the intensifying US-China trade war, as China imposed hefty tariffs of 84% on US goods. This move led to a sharp decline in US stock futures and a surge in bond yields, reflecting growing apprehensions about the bond market’s stability. The pharmaceutical sector bore the brunt of the turmoil, experiencing a notable drop in stock prices, fueling concerns about a looming recession. Investors rushed to seek refuge in safer assets, driving up the prices of gold and the Japanese yen, while causing a sharp fall in oil prices. The escalation of trade tensions between the world’s two largest economies has sent shockwaves across global financial markets, prompting a flight to safety among investors.