Core Viewpoint - The article discusses the significant increase in trade policy uncertainty in the U.S. under the Trump administration, highlighting the potential economic repercussions and the political maneuvers that have led to this situation [1][2]. Group 1: Trade Policy Uncertainty - The U.S. "Trade Policy Uncertainty Index" surged to 5735 in March, which is 29 times higher than the level before the presidential election in October 2024, and three times higher than the previous record in August 2019 [1]. - The uncertainty is attributed to Trump's fluctuating tariff policies, which are creating a highly opaque economic outlook [1]. Group 2: Political Maneuvering - Trump has invoked the International Emergency Economic Powers Act (IEEPA) to declare a state of emergency regarding tariffs, allowing him to bypass Congress and manipulate tariff rates and targets freely [2]. - The number of presidential orders issued by Trump has exceeded 100 within three months, significantly higher than the 29 orders issued during his first term [2]. Group 3: Market Reactions - The Dow Jones Industrial Average dropped by 13% in April compared to the end of 2024, while the STOXX600 index fell by 7% after an initial rise of 11% [2]. - The VIX, known as the "fear index," surpassed 50 on April 8, marking the highest level since the 2008 financial crisis, excluding the COVID-19 pandemic period [2]. Group 4: Economic Impact - Following the initiation of reciprocal tariffs on April 9, there was a simultaneous sell-off in stocks, the dollar, and U.S. Treasury bonds, indicating a broader market panic [3]. - The yield premium demanded by investors for U.S. Treasury bonds reached its highest level since September 2014, suggesting a loss of confidence in U.S. bonds as a safe asset [3]. Group 5: Public Sentiment and Global Implications - Trump's average approval rating was 46.5% as of April 18, which, despite a decline from over 50%, remains relatively high [4]. - A survey indicated that 75% of researchers are considering leaving the U.S. due to the current administration, while the EU is exploring trade agreements to maintain a free trade system without the U.S. [4].