The bearish news has landed.

According to ChainCatcher, Trump's reciprocal tariffs on dozens of countries officially took effect today, which is expected to deepen the risks of a global trade war, although he is prepared to negotiate with some countries. Trump's punitive tariffs have shaken the decades-long global trade order, raising concerns about an economic downturn and leading to a significant decline in global stock markets.Since Trump announced tariffs a week ago, the S&P 500 index has lost nearly $6 trillion in value, marking the largest four-day decline for the benchmark index since its inception in the 1950s. The index is now close to a bear market, having fallen 20% from its recent peak. After a brief respite, the sell-off in Asian markets resumed on Wednesday, including the Nikkei index, which fell over 3% during the day, while the South Korean KOSPI index dropped more than 1% intraday.