Trump speaks out on tariffs, and the decline of U.S. stocks briefly narrows during trading

At the cabinet meeting, Trump did not rule out the possibility of extending the tariff suspension period by 90 days and stated that he had not yet seen the market sell-off on Tuesday. On Thursday, U.S. stocks did not receive the same boost as on Wednesday and still fell sharply, with the S&P 500 index nearing a circuit breaker at one point.

By the close of trading that day, the decline in U.S. stocks had narrowed somewhat, with the Dow Jones Industrial Average down over a thousand points, the S&P 500 index down over 3%, and the Nasdaq down over 4%. Tesla closed down over 7%, NVIDIA fell nearly 6%, leading the decline among the seven major tech companies; the chip index dropped 8%.

Amid tariff concerns, the long-term U.S. Treasury bond sell-off intensified, with the yield on the 10-year Treasury rising for four consecutive days. The U.S. dollar index fell over 2% during the day to a six-month low; the Swiss franc rose nearly 4%, marking its largest increase in ten years, and the Japanese yen rose over 2%. The offshore renminbi rose over 700 points at one point, recovering to 7.30.

Gold demonstrated strong safe-haven properties, with spot gold rising 3% to reach a historical high, and futures gold rising nearly 4%.

Oil prices fell sharply again, with U.S. crude oil dropping nearly 6% at one point.

Trump mentioned that there might be some "transitional issues." Reports indicate that Trump is aware that his tariff policy could lead to an economic recession, but his concerns about an economic downturn prompted him to decide to suspend the tariffs for 90 days.

During Thursday's trading, the S&P 500 index fell 4.6%, the Dow Jones dropped 1,522 points for a decline of 3.7%, and the Nasdaq fell 912 points for a decline of 5.3%. U.S. President Trump claimed to be working with many countries. White House economic advisor Kevin Hassett stated that 15 countries have proposed trade agreements.

During Thursday's trading, the S&P 500 index's decline narrowed from 4.4% to 3.77%, the Dow's decline was 3.65% and then narrowed to 3.06%, while the Nasdaq's decline was 5.12% and then narrowed to 4.81%. U.S. President Trump claimed to be very close to reaching the first agreement on tariffs, treating the European Union as a single (economic) entity in trade negotiations.

According to CCTV News, on April 10 local time, former U.S. Treasury Secretary and former Federal Reserve Chair Janet Yellen stated in an interview that Trump's economic policy is "the most severe self-harm" of this administration under good economic conditions, and the likelihood of a U.S. economic recession is rising.

The U.S. government recently announced the imposition of so-called "reciprocal tariffs" on all trading partners, causing significant turbulence in global financial markets, including the U.S., and triggering a strong reaction from the international community.

Analysts believe that although Trump has provided a 90-day tariff suspension period, the other massive import taxes he has imposed have already caused significant damage, making it difficult for the U.S. economy to recover.

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