From Yahoo Finance: 2025-04-03 17:02:00

1. U.S. Treasury warns of economic "detox period" due to Trump’s tariffs. Markets plunge on April 3, with S&P 500 down 4.8%, Dow 4%, Nasdaq 6%, and Russell 2000 small cap index 6.6%, worst since 2020. Dollar, oil, and bond yields drop, volatility soars.
2. Trump’s tariffs on China among highest ever. All 10 S&P 500 sectors in the red, energy down 7.5%, tech shares in bear market. Apple, Dell, Nike shares plummet. MSCI World index falls 3.4%, dollar index slides 1.6%, Treasury yields plummet.
3. Analysts predict sub-1% U.S. growth, recession risks rise. Trade war impacts global outlook, especially in Asia. Uncertainty prevails as Trump’s policy shifts unpredictably. Gold, bonds, short sellers benefit; stocks, credit, risky assets suffer.
4. China faces significant financial hit with U.S. tariffs. Currency devaluation risky, could trigger capital flight. FX devaluation war among Asian countries possible. Beijing’s policy options limited, room for stimulus shrinking. Fitch downgrades China’s credit rating.
5. Yuan’s value crucial amid trade war. China may resist FX depreciation, but tariffs could slash growth rate by 1.7%. Dollar/yuan rises, PBOC allows yuan depreciation. Breaking key levels could weaken yuan to 2008 levels. Global markets await China’s response.

Read more at Yahoo Finance: Trump is on fire, global markets tariffied: Trading Day