China's retaliation has caused more harm to the US stock market than the US's tariffs against China.

5 April 2025 markets:

The US markets had fallen heavily after China's retaliation against the US tariffs and we've stated this on our blog (see below).

https://sg-stock.blogspot.com/2025/04/trumps-tariffs-for-top-dirty-countries.html

The next to retaliate against the US tariffs will be EU and the risk indices will spike further.

The stock market risk/volatility index (VIX) has spiked after the new Trump's tariffs.

The bond market risk/volatility index (MOVE) also spiked simultaneously.

This tariff war is going to drag the global economy down and JPM is the first to declare a US recession in 2025.