S&P 500 futures fell 1.6% early Wednesday, wiping out nearly two days of gains amid growing concerns over U.S. trade policy, including potential new tariffs on Chinese semiconductors and pharmaceuticals. Meanwhile, Bitcoin underperformed, trading around $83,400 and falling 2.8% in 24 hours, diverging from the safe-haven rally in gold (+2.7%) and U.S. 10-year bonds (+0.55%). Oil dropped 1.13%, and the DXY fell 0.44%. Investors shifted to defensive assets after the White House confirmed U.S. tariffs on Chinese goods had reached 145% and launched a new national security probe. While gold hit a record high above $3,261/oz, Bitcoin’s muted performance raised doubts about its near-term macro hedging role.