4E: The risk of US-China tariffs is rising, US stocks have hit their largest fall of the year, and encryption assets have declined.

According to the Gate.io News bot, monitoring by 4E shows that concerns over the escalation of the China-U.S. tariff war have overshadowed the favourable information of the U.S. March CPI slowdown. Market risk sentiment has rapidly intensified, and U.S. stocks failed to continue the rebound from the previous day on Thursday, experiencing a significant plummet during the session.

As of the close, the S&P 500 index fell by 3.5%, at one point plummeting to 6.3%, approaching the first-level circuit breaker threshold, marking the largest intraday drop since March 2020; the Nasdaq fell by 4.31%, and the Dow fell by 2.5%; the "seven giants" tech stocks collectively suffered heavy losses, with the related index dropping by 6.67%.

The crypto market is synchronously retreating, with Bitcoin falling from the previous day's high of $82,000 to a low of $78,464. As of the time of writing, BTC is reported at $80,589, with a 24-hour decline of 1.27%. Among the top ten mainstream coins, Ethereum has seen the deepest drop, influenced by whale sell-offs and the decoupling of sUSD, briefly falling below $1,500, and is currently reported at $1,541, down 4.2% in the last 24 hours.

In the foreign exchange and commodities sector, the US dollar index plummeted by 1.89%, marking the largest single-day drop since 2022; WTI crude oil fell by more than 3%; heightened risk aversion drove gold prices up to $3,220, setting a new historical high.

Despite the U.S. CPI data falling short of expectations, investors are concerned about the ongoing disruption from Trump's tariff policies. The market widely questions whether substantial negotiation results can be achieved during the 90-day tariff buffer period, as expectations of tightening global supply chains rise, leading to deeper concerns about an economic recession.