Global markets witnessed a sharp downturn amid the escalating US-China trade war, as China slapped a hefty 84% tariff on US goods. This move sent shockwaves across markets, with US stock futures taking a hit and bond yields spiking, underscoring worries about the bond market’s stability. The pharmaceutical sector bore the brunt of the turmoil, recording significant declines, further fueling concerns of an impending recession. In a bid to hedge risks, investors turned to safer havens, driving up the prices of gold and the Japanese yen, while oil prices saw a significant drop. The market volatility underscores the deep-seated apprehensions prevailing among investors as the trade tensions between the world’s two largest economies continue to escalate.