Trump’s 104% Tariff Triggers Blowback — Panic or Pattern?

Global markets respond as China and the EU respond; stocks, bonds, oil, and gold all move—here’s what investors need to know today.

The New York Stock Exchange. Photo by Aditya Chinchure on Unsplash

President Trump’s sweeping new tariffs took effect overnight, including a 104% levy on Chinese imports.

China responded swiftly, raising its tariffs on U.S. goods to 84%.

Just hours later, the European Union approved its own counter-tariffs—25% duties on a broad range of U.S. exports like corn and glass—set to begin Tuesday.

In Washington, officials worked to calm investors.

Treasury Secretary Scott Bessent told bankers, “we are in pretty good shape.”

Trump posted to Truth Social: “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before.”

But JPMorgan CEO Jamie Dimon warned the economy is likely headed for a recession.

The 10-year Treasury yield jumped to 4.47%, its largest four-day increase since 2008, ahead of major government debt auctions this week. The sharp rise in yields reflects a selloff in government bonds, as investors may be uncertain about the inflationary impact of sweeping new tariffs.

What 30 Market Pullbacks Since 2008 Teach Us About Today

Markets feel shaky. But history offers perspective—and a playbook.

There have been 30 pullbacks since 2008. Every one of them felt like the beginning of a deeper crisis. But in every case, markets recovered, often faster than expected.

In today’s Pro Brief, we break down why this time feels different—but probably isn’t. We’ll share historical context, investor insights, and what to watch for next.

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