
Bond Market’s Turbulence On April 2, Trump unexpectedly announced indiscriminate high “reciprocal tariffs,” triggering an unprecedented storm in the global financial markets. The global stock and bond markets suffered an epic bloodbath, with no one spared. U.S. stocks experienced their largest single-day drop since the onset of the COVID-19 pandemic in 2020, with the Dow Jones Industrial Average losing over $6 trillion in market value. The S&P 500 and Nasdaq indices fell more than 20% from their peak in December last year, entering a technical bear market. Asian stock markets, including Taiwan and Hong Kong, saw single-day declines exceeding 10%.