4E: "Reciprocal tariffs" far exceeded expectations, US stocks and bitcoin fell

On April 3rd, according to 4E monitoring, Trump announced reciprocal tariffs last night, adopting a dual-track approach combining "benchmark tariffs" and "one country, one tax rate", and the tax rate exceeded market expectations. The U.S. stock market was initially optimistic because the 10% benchmark tariff was lower than expected, and major indexes closed higher. But after the announcement of the specific high tax rate, investors worried that the risk of a global trade war had intensified and could drag the U.S. economy into recession. After the market was panic-sold, stock index futures fell sharply. As of the time of writing, S & P 500 futures fell more than 2.79%, Nasdaq futures fell more than 2.65%, and Dow Jones futures fell more than 1.9%.
Crypto markets fell across the board. Bitcoin surged to $88,500 after a broad rally in risk assets around the world, initially driven by tariff optimism. As more details were released, market sentiment took a sharp turn. Bitcoin fell sharply to yesterday's low, returning to around $83,000, a 24-hour drop of more than 1.8%. Ethereum fell from $1,957 to below $1,800. All sectors of the market fell, and the Meme sector fell significantly.
After Trump announced sweeping new tariffs on 185 countries, U.S. stock index futures and major cryptocurrencies fell sharply, triggering global market turmoil and widespread risk aversion. The scale and unpredictability of the tariffs have rapidly shifted investors' focus to macroeconomic headwinds, with markets reassessing inflation trajectories, growth risks, and policy responses in the second quarter.