On April 4, according to 4E monitoring, Trump's tariff plan was far more aggressive than market expectations, triggering strong concerns among investors about a full-scale trade war that would lead to an economic recession. All three major U.S. stock indexes closed sharply lower on Thursday, with the Nasdaq falling 5.97%, the largest one-day decline since March 2020; the S & P 500 fell 4.84%, and the Dow fell 3.98%, both the biggest one-day decline since June 2020. Large-scale technology stocks fell sharply. As tariffs threatened to impact the supply chain, Apple plunged more than 9%. The market value of the seven giants "Manificant 7" evaporated by about US$1 trillion a day, and the total market value fell to its lowest point since early August last year. The crypto market fell across the board. Bitcoin has fallen below nearly US$81,000 since its high of US$88,000 before the tariff announcement. Although the decline is large, it is still strong relative to technology stocks. All market sectors generally fell sharply, and the overall crypto market value fell by nearly 8%. The crypto fear and greed index, which recovered somewhat in March, once again fell back to the "extreme fear" range. Trump tariffs have caused financial markets to bleed, and the March non-farm payrolls report is due to be released tonight. The labor market is expected to remain stable until import tariffs may affect the data. The market focused on Powell's speech. According to CME's FedWatch tool, traders 'pessimism about the U.S. economic outlook has greatly increased the chance of the Federal Reserve urgently cutting interest rates. The number of interest rate cuts during the year increased from two a month ago to four.