Trump imposes 104% tariffs on China! Bitcoin plummets 75,000, Dow opens up 1,400 points and then falls, S&P loses the 5,000-point threshold.

Last night, the US Treasury Secretary once released a dovish signal to negotiate a tariff reduction, coupled with President Trump's disclosure that negotiations with South Korea were smooth, encouraging US stocks to retaliate in early trading, and the Dow Jones index soared more than 1400 points at most. But the good times were not good, and the White House then confirmed that it would impose tariffs of up to 104% on all Chinese imports from the 9th, completely damaging market optimism. (Synopsis: Trump "simply miscalculated" reciprocal tariffs!) AEI scholars exploded: tax rate irrigation 4 times, key parameters did not understand) (Background supplement: value investment guru Howard Marks' latest view: you should abandon decades of old valuation vision) The optimism of U.S. stocks on the morning of the 8th mainly came from the conversation of U.S. Treasury Secretary Scott Bessent. He said the Trump administration was "open" to negotiations in exchange for a reduction in tariffs, and revealed that "nearly 70" countries, including Japan, have approached the White House on tariffs, suggesting that the United States "may soon reach a good deal with some countries." At the same time, Trump also released a positive message, saying that he had had a call with the acting president of South Korea for about half an hour, and the atmosphere was good. The two sides discussed the U.S.-South Korea trade deficit, South Korea's purchase of U.S. LNG and shipbuilding. While acknowledging disagreements, Trump believes a "deal is possible" and mentioned that he will renegotiate the apportionment of the cost of U.S. troops in South Korea. In his conversation, he expressed his pride in countries seeking negotiations, saying, "If we hadn't done this [to raise tariffs], there would not be such negotiations as we do now." In response to China, he also stressed that China "very much" wants to reach a deal, but "does not know how to negotiate", revealing that he is waiting for a call from China and believes that dialogue will eventually take place. The White House announced a 104% tariff on China on the 9th, and market sentiment turned sharply However, the short respite of the market was quickly broken by reality, and US Trade Representative Jamieson Greer made it clear that the White House has no intention of changing its strategy of imposing "reciprocal tariffs" around the world, nor will it implement new exemptions for specific products or companies. More shockingly, White House press secretary Karoline Leavitt officially announced later on the same day that from April 9, US time (expected to be this afternoon Taiwan time), an additional 84% tariff (34% and a threat of additional 50%) will be imposed on all imports from China, plus the existing tariffs, the total tariff rate of almost all Chinese goods exported to the United States will soar to a staggering 104%. The news shocked the market, and the previous rally in anticipation of negotiations instantly came to naught, and panic quickly spread, causing the stock market to plunge sharply late in the day. The market generally believes that such high tariffs are almost equivalent to trade barriers, and the Sino-US trade war has escalated to an unprecedented intensity. Beijing's Tough Response: Accompany to the End In the face of extreme pressure from the US side, China has also shown a tough stance in recent days. Chinese Foreign Ministry spokesman Lin Jian stressed at a regular press conference: "Chinese people do not cause trouble and are not afraid of trouble, and pressure, threats and blackmail are not the right way to deal with China." China will take necessary measures to resolutely safeguard its legitimate and legitimate rights and interests. If the US side ignores the interests of the two countries and the international community and insists on fighting a tariff war and a trade war, China will surely accompany it to the end." The tough statements of China and the United States have made the outside world pessimistic about the possibility of reaching a deal in the short term. Analysts point out that it is difficult to imagine that Chinese President Xi Jinping would take the initiative to show favor to Trump in such an atmosphere. The escalation of the trade war has had a significant impact on the technology and semiconductor industries, and foreign media quoted sources as saying that memory giant Micron has notified U.S. customers that it will impose a surcharge on some chips that will be shipped to pass on the cost pressure brought by Trump's tariffs. All four major indexes of U.S. stocks fell on the 8th: the S&P 500 index fell 79.48 points, or 1.6%, to close at 4,982.77 points The Dow Jones Industrial Average fell 320.01 points, or 0.8%, to close at 37,645.59 points The Nasdaq Composite Index plunged 335.35 points, or 2.2%, to close at 15,267.91 The Philadelphia Semiconductor Index plunged 132 points, or 3.57%, to close at 3,562.94 points The "U.S. stock seven" also closed lower across the board: Apple (AAPL): down 4.98% to close at $172.42. Tesla (TSLA): plunged 4.90% to close at $221.86. Amazon (AMZN): down 2.62%, closing at $170.66. Alphabet (GOOGL): down 1.78%, closing at $146.58. Huida (NVDA): down 1.37%, closing at $96.30. Meta (META): down 1.12%, closing at $510.45. Microsoft (MSFT): down 0.92%, closing at $354.56. Bitcoin falls below $75,000 While traditional financial markets are volatile, the cryptocurrency market is also killing again, as of 09:30 at writing: Bitcoin (BTC) is now trading at about $74,965, down 5.6% in the last 24 hours with Ethereum (ETH) It is now trading at about $1,388, down more than 11% in the past 24 hours XRP is now trading at about $1.72, down 8.5% in the past 24 hours SOL is now trading at about $101.4, down 7.1% in the past 24 hours In the coming days, the market focus will be on the next moves of both China and the United States, and whether other countries will be drawn into the broader trade dispute. Investors need to pay close attention to relevant policy developments and geopolitical risks, and the market may continue to be shrouded in high uncertainty in the short term. 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