Trump becomes a major short position! The U.S. "reciprocal tariffs" are coming, and the U.S. stock market is scared to plummet, with the Nasdaq falling 3000 points over 30 trading days.

In the past thirty trading days, the Nasdaq index has fallen by 3000 points.
On Monday local time in the United States, the Nasdaq index gapped down at the open and fell below 17,000 points during the session, hitting a new low since September 12 of last year.
As of the time of publication, the Dow Jones fell 0.42%, the Nasdaq fell 2.02%, and the S&P 500 index fell 1.09%. Large tech stocks generally fell, with Tesla down over 6%, Nvidia down over 4%, Apple up 0.28%, Amazon down over 3%, and Google, Meta, and Microsoft all down over 2%.

Earlier today, the Asia-Pacific stock markets also experienced a sharp decline, with the Nikkei 225 index closing down 4%, reporting 35617 points, down more than 10% from the high in December last year; the Tokyo Stock Exchange index fell by 3.6%. The Seoul Composite Index in South Korea fell by 3%. The Taiwan Stock Exchange Weighted Index fell by 4.2%. Eurozone Stoxx 50 index futures once dropped by 1.1%; DAX index futures fell by 1%.

Since Trump returned to the White House in January, he has announced several tariff measures and will launch the so-called reciprocal tariff program on April 2, further increasing trade barriers. The market has shown great concern about this, leading to a significant fall in the stock market.

Taking the U.S. stock market as an example, the benchmark index S&P 500 and the Nasdaq, which is dominated by technology stocks, are currently experiencing their worst quarterly performance in nearly three years.

Economists are also being forced to reassess growth expectations, especially for the U.S. economy. Moody's has raised the probability of a U.S. recession from 15% to 40%, while Goldman Sachs has increased its forecast from 20% to 35%.

In March, the Federal Reserve maintained the benchmark interest rate at a level of 4.25%—4.50%. Powell pointed out that the uncertainty and challenges in economic forecasts are "exceptionally high" due to recent policy changes by the Trump administration.

According to brokerage China, citing the Wall Street Journal, Trump has urged his team in recent days to be "more proactive" in figuring out the details of the tariffs. The advisers are considering imposing global tariffs of up to 20 percent, which would affect nearly all U.S. trading partners, with little room for exemptions. The plan was first promised by Trump and his team during the campaign, but over time, the president began to introduce reciprocal tariffs. Under the plan, the U.S. would charge other countries "what they charge us" in an effort to level the playing field. But the newspaper reported that Trump was in a hurry to impose "a clean number" on countries and issued a decree to make the policy "huge and simple."

According to reports, the atmosphere in the White House was approaching panic before the "Liberation Day" arrived, as Trump seemed to ignore the advice of Vice President JD Vance, White House Chief of Staff Susie Wiles, and Treasury Secretary Scott Bessenet. These individuals advocated for implementing a smaller, more targeted tariff plan or at least a systematic rollout that would give businesses ample preparation time. Privately, senior officials in the government expressed deep concerns, with many admitting they were unsure of what the president would actually do. A White House ally closely connected to Trump's inner circle told the media, "No one knows what is really going on."

Trump has hinted that over one trillion dollars in trade could be affected. However, with only a few days left until the tariff measures take effect, even the most basic details, including which countries will be impacted, the extent of the impact, and which goods are targeted, remain uncertain or are constantly changing. In recent weeks, White House officials have privately assured business leaders, financial executives, and Republican lawmakers that a clearer and more stable trade agenda will be implemented.

Editor|||Jin Mingyu Du Hengfeng

Proofreading | Liu Siqi

Cover image source: Visual China

Daily Economic News compiled from Securities Firm China, Caixin News, and public information.

Daily Economic News

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