史诗级暴跌，击中了特朗普

Core Viewpoint - The U.S. stock market has experienced a significant decline, with the Nasdaq dropping over 20% from its yearly high, entering a bear market, largely due to misjudgments by President Trump regarding tariffs and China's response [2][3][4]. Market Performance - The U.S. stock market has seen its highest trading volume in history, indicating a massive sell-off [3]. - All three major U.S. stock indices closed at their lowest prices of the day, suggesting that the downturn is not yet over [3]. Economic Indicators - The market's reaction to Trump's tariff announcements has been negative, with expectations for a quick resolution to trade tensions diminishing [3][4]. - Non-farm payroll data, which was better than expected, failed to provide a market rebound, as it was anticipated that a lower figure would have a more positive impact [4]. Federal Reserve Policy - The future trajectory of global markets will depend on how growth concerns and inflation worries are priced in, with the Federal Reserve's policy framework shifting from "data-dependent" to "risk management" [5]. - If economic conditions worsen before inflation stabilizes, the Fed may quickly lower interest rates, potentially leading to a market rally [5]. Geopolitical Factors - Trump's recent comments about negotiations with countries like Vietnam and Brazil briefly lifted market sentiment, but this was short-lived following remarks from Fed Chair Powell [6]. - The uncertainty surrounding Trump's policies has increased market volatility, with fears stemming from both uncertainty and ignorance [7]. Future Outlook - The market is expected to face continued turbulence, with questions about the potential for a stock market crash, the future of the dollar, and the performance of commodities like gold and oil [8]. - A report suggests that the U.S. has implemented tariffs based on a questionable formula, raising questions about the timing and implications of these measures [9]. - The dollar has weakened significantly following the announcement of "reciprocal tariffs," marking the beginning of a new wave of declines [10]. - China is reportedly reassessing its strategies in response to U.S. tariffs, with four actions anticipated to shape future trade negotiations [10].