On April 11, according to 4E monitoring, the threat of an escalating tariff war between China and the United States overwhelmed the positive impact of slowing inflation. Investor worries regained the upper hand. U.S. stocks failed to maintain Wednesday's big rebound. The three major stock indexes fell at least 5% during the session on Thursday, and the decline narrowed in the end. As of the close, the S & P 500 index closed down 3.5%, falling 6.3% intraday, close to the first-level fuse point of 7%, the largest intraday decline since March 2020; the Nasdaq index fell 4.31%, and the Dow fell 2.5%. Large technology stocks fell collectively, with the Big Seven Index falling 6.67%. The crypto market's strong rebound the previous day followed U.S. stocks to turn sharply last night. Bitcoin fell from US$82,000 to a minimum of US$78,464, almost giving up all of the previous day's gains. The current report is US$80258, down 2.67%. Among the top ten mainstream currencies, Ethereum performed the weakest. Affected by factors such as whale selling and sUSD decoupling, it once lost US$1500 again. It was now US$1,541 before deadline, down 6% in the past 24 hours. The latest data shows that the U.S. CPI in March was lower than expected across the board, but the tariff impact has not yet fully manifested, which will appease investors in the future. As Trump's chaotic tariff policies continue to disrupt markets, expectations of tightening global supply chains have intensified, sparking broader concerns about a recession. The market is skeptical about whether the 90-day tariff suspension period can bring substantive negotiation results.