The Trump administration has stirred up the meaning of the term “reciprocity”. Not only did the White House use a bizarre formula to determine the extent of its “reciprocity” tariffs on other countries, it also refused to return when Vietnam and the EU proposed to remove tariffs on U.S. imports.

White House trade adviser Peter Navarro said on CNBC’s “Squawk Box” that this is Vietnam’s “non-Talif cheating”, citing examples such as Chinese goods often stolen exports by Vietnam and intellectual property. This shows that the Trump administration not only sees tariffs as a means to resolve U.S. trade imbalances (which are no longer a good indicator of economic health), but also a way to fundamentally change the way global trade and manufacturing is done.

Business leaders, many of whom are turning to companies that rely on and profit from the current economic paradigm, start expressing their concerns and even venting their dissatisfaction with Trump’s tariffs. Some are Republican supporters and donors. But with the Trump administration’s special understanding of “reciprocity”, it seems unlikely that they will repay their goodwill with their own goodwill.

US stocks keep falling
The US market has mainly declined. this S&P 500 During the trade fair, 0.23% was lost, briefly in bear territory (down 20% from the recent high). this Dow Jones Industrial Average It dropped 0.91% from low to high and swung 2,595 from low to high, the largest in-dish swing ever. but Nasdaq Composite Materials As investors step in and buy some Megacap Tech stocks, e.g. Nvidia and Amazon – but apple Being beaten again.

EU leaders urge peace in market crash
Pan-European Stoxx 600 index Monday fell 4.5%cut early losses by more than 6% and closed at a 14-month low. Last week, the STOXX 600 recorded an 8.4% loss, marking its worst week in five years. EU leaders urge calm Amid the massive sell-off in the market, saying regional solidarity and calm will be assets to deal with Trump’s tariffs.

Trade war risks increase as the United States refuses to concessions
A risk Fierce United States – China Trade War Beijing has grown rapidly after Beijing’s 34% tax on all U.S. goods, which threatened to sign an additional 50% responsibility on China. White House trade adviser Peter Navarro said Monday Vietnam’s offer to eliminate tariffs About U.S. imports”Nothing meaning to us. “It’s also Trump Rejected EU proposal of “Zero to zero” tariff Used with the United States for industrial products.

More and more dissatisfied and impatient
Home Depot Co-founder of Republican giant Ken Langone,,,,, It is called Trump’s 46% import tariff on Vietnam “nonsense” and said China’s 34% tariff rate is “too radical, too early”. In addition, U.S. Treasury Secretary Scott Bessent said he was surprised by the “impatient” of the stock market since the tariff announcement, because Negotiations may enter June.

“Maybe in a recession”
Business leaders have alerted the potential economic impact of Trump’s tariffs. bl“Most CEOs I talk to say we are,” Ackrock CEO Larry Fink said Monday. It may be in a recession now. ” JPMorgan Chase CEO Jamie Dimon Annual shareholder letter On Monday, the tariffs could lead to “inflation results” and “reduce growth that has weakened”.

(pro) Wait for “continuous bottom”
Doubleline Capital CEO Jeffrey Gundlach said on CNBC’s “Close Bell” Monday that he was concerned about a lack of bounce in the market and would hold cash until the S&P 500 hits a “sustaining lowest point.” This is what Gundrachi thinks The S&P 500 index may end Before it starts rising again.

Bonds earn on a global scale

Global bond yields gradually increased following the announcement by Donald Trump last Wednesday as investors look for any safe haven in the stock market sell-off.

Germany’s 10-year Bund yield (the euro zone benchmark) fell from 2.72% on Wednesday to below 2.6% on Monday afternoon, although the rate of return was higher at the end of the meeting to 2.65%.

In Asia, government borrowing costs have also fallen. Japan’s 10-year bond yield hit a three-month low on Monday, with its biggest weekly decline, according to economists at Deutsche Bank.

But economists warn that inflation may be unsustainable if it involves persistence.