On April 3, according to 4E monitoring, Trump announced reciprocal tariffs last night, adopting a dual-track system that combines "benchmark tariffs" and "one country, one tax rate", and the tax rate exceeded market expectations. The U.S. stock market was initially optimistic that the 10% benchmark tariff was lower than expected, and major indices closed higher. However, after the specific high tax rate was announced, investors worried that the risk of a global trade war would intensify and might drag the U.S. economy into recession. There was panic selling after hours, and stock index futures fell sharply. As of writing, S & P 500 futures fell more than 2.79%, Nasdaq futures fell more than 2.65%, and Dow Jones futures fell more than 1.9%. The crypto market fell across the board. At first, driven by tariff optimism, global risk assets generally rose. Bitcoin once soared to US$88500. As more details were announced, market sentiment turned sharply. Bitcoin plunged sharply to yesterday's low, returning to around US$83000, a 24-hour decline. More than 1.8%. Ethereum fell below $1800 from $1957. All market sectors generally fell, with the Meme sector falling significantly. After Trump announced sweeping new tariffs on 185 countries, U.S. stock index futures and major cryptocurrencies fell sharply, triggering global market turmoil and triggering widespread risk aversion. The size and unpredictability of tariffs have quickly shifted investors 'focus to macroeconomic headwinds, as markets reassess inflation trajectories, growth risks and policy responses in the second quarter.