According to PANews, Macquarie Bank has issued a warning in its latest client report, suggesting that U.S. President Donald Trump's economic policies might lead to a stock market crash. The report indicates that unless Trump withdraws from the trade war and reduces spending—actions that currently seem unlikely—actual consumer spending in the United States could significantly slow down. This slowdown is considered the most consistent signal of a bear market, with the risk of U.S. stocks dropping 20% from their Valentine's Day peak increasing. The U.S. benchmark stock index, the S&P 500, has already fallen nearly 8% from last month's high, while the tech-heavy Nasdaq index has declined almost 12% from its peak in December last year.