Global markets witnessed a significant downturn as the US-China trade war intensified, leading to China imposing hefty tariffs of 84% on US goods. This move caused a sharp decline in US stock futures and a notable surge in bond yields, indicating growing apprehensions about the bond market. The pharmaceutical sector took a hit with major stocks plummeting, further fueling worries of an impending recession. In response to the market turmoil, investors turned to safer assets, resulting in a rise in the prices of gold and the Japanese yen, while oil prices experienced a significant drop. The escalating trade tensions between the world’s two largest economies have sent shockwaves through the global financial landscape, prompting market participants to reassess their investment strategies amid the uncertainty.