US treasury yield surged, futures drop sharply and global markets tumble as US-China trade war deepens

Global markets tumbled as the US-China trade war escalated, with China imposing 84% tariffs on US goods. US stock futures fell, and bond yields surged, signaling concerns about the bond market. Major pharmaceutical stocks dropped, and recession fears rose. Investors sought safer assets, with gold and the yen gaining, while oil prices plunged.

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