On April 10, 2025, U.S. stocks and the dollar experienced a sharp decline as the initial euphoria over President Donald Trump's 90-day pause on higher tariffs faded, giving way to lingering concerns about ongoing trade uncertainties. The S&P 500 dropped over 3% after a massive relief rally the previous day, triggered by Trump’s decision to temporarily lower tariffs on many countries while maintaining a 10% universal tariff and increasing duties on Chinese imports to a staggering 145%. Investors grew wary as analysts warned that the pause did little to resolve the broader unpredictability of Trump’s trade policies, with some predicting sustained economic fallout. Meanwhile, gold prices surged to a record high of $3,193.80, reflecting heightened market anxiety, as the U.S. appeared locked in an escalating trade war with China, casting a shadow over global financial stability.
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