The US stock market is in turmoil, Bitcoin is hovering around 83K, has Trump made America great again?

After U.S. President Trump announced radical tariff policies, the U.S. stock market was in turmoil, with the S&P 500 index falling 4.84% on Thursday and the Nasdaq index dropping 5.97%, both marking the largest declines since 2020. Bitcoin is at 83K, while Ether hovers around 1,800 dollars, remaining relatively stable.

(Trump imposes a 32% tax on Taiwan! The US reciprocal tariffs officially take effect: the entry fee is a minimum of 10%, revitalizing the US economy)

The S&P 500 evaporated about $2.5 trillion in a single day, making the U.S. the biggest loser.

Due to concerns that President Trump’s new round of massive tariff measures may lead the economy into recession, the S&P 500 index evaporated about $2.5 trillion on Thursday.

Companies that rely most on overseas manufacturing have suffered the most severe losses. Most of the devices sold by Apple ( in the United States are produced in China, and the company's stock price fell by 9.3%. Companies with manufacturing ties to Vietnam include Lululemon and Nike, both of which saw their stock prices drop by over 9%. Retailers Target and Dollar Tree, whose stores are filled with products from outside the United States, have seen their stock prices fall by more than 10%.

US assets became the biggest losers. The S&P 500 Index fell by 4.84%, and the dollar index also dropped significantly. In contrast, the impact in other regions was relatively small: the Asian stock market composite index fell by less than 1%, the European Stoxx 600 index dropped by 2.6%, while the euro against the dollar rose by about 1.6%, and the dollar against the yen also slid to a six-month low of 146.

The dollar falls, Trump shouts: Make America Great Again

Trump uses tariffs as a tool to maintain American power, revive domestic manufacturing, and gain geopolitical concessions. However, economists say that the short-term results of his measures may be rising prices in the U.S., slowing economic growth, and even a potential economic recession.

But the instigator Trump happily stated on social media: "The surgery is over! The patient has survived and is recovering. The prediction is that the patient will be stronger, bigger, better, and more resilient than before. Make America great again!"

At the same time, against the backdrop of a global sell-off of risk assets, the US dollar continues to fall, sparking intense debate about whether it can maintain its safe-haven status during turbulent times.

The Bloomberg Dollar Spot Index fell by 2.1% at one point on Thursday, marking the largest intraday drop for the index since its launch in 2005. Options data shows that investors have held a bearish outlook on the dollar's trajectory for the first time since September of last year.

The market is focused on non-farm data and Powell's speech.

The highly touted "America First" trade—buying assets that perform better in the U.S. than in other countries around the world—is experiencing a reversal due to concerns that the largest tariff increase in a century will hit economic growth.

The March non-farm payroll report will be released tonight. Last week, the number of first-time jobless claims in the U.S. fell by 6,000 to the week ending March 29, indicating that the labor market remains stable before potential data fluctuations brought on by import tariffs.

The market will also be watching the speech of Federal Reserve Chairman Powell later. According to the CME FedWatch Index, traders' pessimism about the U.S. economic outlook will greatly increase the expected likelihood of an emergency interest rate cut by the Federal Reserve. Currently, the market is pricing in the possibility of four rate cuts this year, compared to only two expected a month ago.

This article discusses the bloodbath in the US stock market, Bitcoin hovering around 83K. Has Trump made America great again? First appeared in Chain News ABMedia.