The Swiss franc surged to 1.2341 against the US dollar, reaching a new high since the “Black Swan” event in 2015. The US dollar index plummeted 2.1% to 99.8 in a single day, and the three major US stock indexes fell more than 2.5% simultaneously. The S&P 500 triggered a circuit breaker mechanism during trading.

On April 9, 2025, just 13 hours after the high “reciprocal tariffs” imposed by the United States on dozens of trading partners came into effect, the Trump administration suddenly announced a 90-day suspension of tariffs, reducing the tariff rate to 10%. This dramatic turn of events stemmed from the violent turmoil in the financial markets—trillions of dollars evaporated from U.S. stocks in a single day after the tariffs came into effect, and Treasury yields soared to the level at the beginning of the epidemic, forcing the Trump administration to make an emergency turn.

The US policy of imposing a 25% tariff on imported cars and parts, which came into effect on April 3, has caused a severe shock in the global trade landscape. As the core of the American automotive industry, Michigan’s political backlash continues to ferment.

On April 9th local time, the US government officially implemented the “reciprocal tariff” policy, imposing tariffs of up to 104% on 57 trading partners including China, Mexico, and Vietnam. Combined with the previously imposed 10% base tax on all countries, the average import tax rate of US goods rose to 19.2%, reaching a new high since the Great Depression in 1930. This policy has caused severe fluctuations in the global market, with US stock futures plummeting by 4.2% and the US dollar index falling to 102.38, while the gold market has shown extreme volatility of “sharp drops and sharp rises” in the game between safe haven demand and liquidity crisis.

On April 8th Beijing time, the European Commission announced at an emergency meeting of trade ministers in Luxembourg that it will adopt a dual track response strategy of “soft and hard” to the Trump administration’s “equal tariffs” policy: on the one hand, it will propose a “zero to zero” car tariff agreement for negotiations, and on the other hand, it will finalize the first batch of countermeasures timetable, demonstrating the game logic of “promoting negotiations with peace and ending the war with war”.

The Trump administration’s recent announcement of the “toughest tariffs in a century” is reshaping the global market landscape, triggering a stock market crash, a surge in demand for safe-haven assets, and a widespread market panic. From the influx of funds into gold ETFs to the violent turmoil in global stock markets, investors are re-evaluating their risk asset allocation strategies, while concerns about a recession are growing.

On April 2, 2025, the ADP employment data for March in the United States increased by 155000 people, far exceeding the expected 115000, almost doubling from the revised value of 84000 in February. This impressive data triggered a strange reaction in the market: spot gold rose by $7 to $3127.15 per ounce in the short term and quickly fell back, the 10-year US Treasury yield gave up its gains after touching 4.23%, and the US dollar index continued to decline to the 104.00 level after a brief rebound. The deviation between ADP data and the trend of gold reflects the deep game of the market’s triple logic of “tariffs inflation employment”.