On April 3, following a significant drop in global stocks from Japan to Europe, the U.S. stock market joined the plunge, with the S&P 500 index re-entering the correction zone, wiping out nearly $2 trillion in market value and set to record its largest single-day decline since September 2022.

Fitch warned that tariffs are a "game-changer" for the global economy, while Deutsche Bank stated this is a "once-in-a-lifetime" moment that could easily reduce the U.S. economic growth rate by 1% to 1.5% this year.

Doug Ramsey, Chief Investment Officer of Leuthold Group, said he would not claim a recession is inevitable, but the deeper the pullback, the higher the likelihood of a recession. The current market decline is the first stage of a new bear market, rather than just a correction. (Jinshi)