Global markets witnessed a significant decline as tensions between the US and China heightened due to the trade war. China’s decision to impose 84% tariffs on US goods led to a sharp drop in US stock futures and a surge in bond yields, raising concerns about the stability of the bond market. The pharmaceutical sector was particularly hard hit, with major stocks experiencing a decline as fears of a recession loomed. Investors turned to safer assets such as gold and the yen, causing their prices to rise, while oil prices saw a significant plunge. The escalating trade tensions between the world’s two largest economies have created a sense of uncertainty in the global market, prompting investors to reassess their risk exposure and seek refuge in more stable investment options.