Global markets were rattled by the intensifying US-China trade war, as China enforced hefty 84% tariffs on American goods. This move led to a sharp decline in US stock futures and a notable surge in bond yields, underscoring apprehensions about the bond market. The pharmaceutical sector witnessed a significant drop in stock prices, further fueling fears of an impending recession. In light of the escalating tensions, investors turned towards safer assets, resulting in a rise in the prices of gold and the yen, while oil prices experienced a substantial plunge. The trade war developments sent shockwaves across international financial markets, emphasizing the growing economic uncertainties gripping the global economy.