After US President Trump announced radical tariff policies, US stocks were in a bloodbath. On Thursday, the S&P 500 index fell 4.84%, and the Nasdaq index dropped 5.97%, both the largest declines since 2020. Bitcoin hovered around 83K, and Ethereum remained relatively stable near $1,800.

(Trump Imposes 32% Tax on Taiwan! US Reciprocal Tariffs Officially Implemented: Minimum Entry Fee of 10%, Revitalizing the US Economy)

S&P 500 Evaporates About $2.5 Trillion in a Single Day, US Becomes the Biggest Loser

Due to fears that President Trump's new round of massive tariff measures could lead to an economic recession, the S&P 500 index evaporated about $2.5 trillion on Thursday.

Companies most dependent on overseas manufacturing in their supply chains suffered the most severe losses. Apple, which produces most of its devices sold in the US in China, saw its stock price drop by 9.3%. Companies with manufacturing relationships with Vietnam, including Lululemon and Nike, both saw their stock prices fall by over 9%. Retailers Target and Dollar Tree, whose stores are filled with products from outside the US, saw their stock prices drop by more than 10%.

US assets became the biggest losers. The S&P 500 index fell 4.84%, and the US dollar index also dropped significantly. In comparison, the impact in other regions was smaller: the Asian stock market composite index fell less than 1%, the European Stoxx 600 index dropped 2.6%, while the euro rose about 1.6% against the US dollar, and the dollar fell to a six-month low of 146 against the yen.

US Dollar Drops, Trump Shouts: Make America Great Again

Trump uses tariffs as a tool to protect US power, revitalize domestic manufacturing, and gain geopolitical concessions. However, economists say the short-term result of his measures could be rising US prices, slowing economic growth, and potentially leading to an economic recession.

But Trump, the instigator, happily stated on social media: "Surgery is over! The patient survived and is recovering. The prediction is that the patient will be stronger, bigger, better, and more resilient than before. Make America Great Again!"

Meanwhile, against the backdrop of global risk asset sell-offs, the continued decline of the US dollar has sparked intense debate about whether it can maintain its safe-haven status during turbulent times.

The Bloomberg Dollar Spot Index fell as much as 2.1% on Thursday, the largest intraday drop since the index's launch in 2005. Options data shows that for the first time since last September, investors have a pessimistic view of the dollar's movement in the next month.

Market Focuses on Non-Farm Data and Powell's Speech

The much-touted "America First" trade—buying assets that perform well in the US compared to the rest of the world—is reversing due to concerns that the largest tariff increase in a century will hit economic growth.

The March non-farm employment report will be released tonight. Last week, the number of initial US unemployment claims decreased by 6,000 in the week ending March 29, indicating that the labor market continues to remain stable before potential data fluctuations from import tariffs.

The market will also pay attention to Federal Reserve Chairman Powell's speech later. According to the CME FedWatch index, traders' pessimism about the US economic outlook has significantly increased the probability of an emergency Fed rate cut. Currently, the market is pricing in the possibility of four rate cuts this year, compared to only two expected a month ago.