Global markets witnessed a sharp decline amid the heightening US-China trade tensions, as China slapped 84% tariffs on US goods. This move led to a drop in US stock futures and a surge in bond yields, indicating growing apprehensions about the bond market. The pharmaceutical sector took a hit with major stocks plummeting, adding to fears of an impending recession. Investors turned to safer assets, resulting in a rise in gold and yen values, while oil prices experienced a significant plunge.