On April 9, according to 4E monitoring, as the "reciprocal tariff" policy was about to take effect, Trump signed the latest executive order on Tuesday to raise China's tariffs to 104%, causing the global market to once again fall into a wave of panic selling. The three major indexes of U.S. stocks rose sharply in early trading, boosted by optimistic expectations of trade negotiations. The Nasdaq and S & P 500 both rose more than 4%, but then under the attack of tariff news, market sentiment reversed, and the gains quickly evaporated and turned into declines. By the end of the day, the Nasdaq closed down 2.15%, the Dow fell 0.84%, and the S & P 500 fell 1.57%. The Big Seven index of technology stocks fell more than 2.3%, and the decline was narrowed in late trading. The crypto market followed the US stock market down again. Bitcoin fell from last night's high of 80,000, and the lowest price fell to $74,620. It was close to a new low. It was reported at $76,053 before the deadline, down 5.8% in 24 hours. The counterfeit products market generally fell sharply, with meme and AI leading the decline. The market was in a state of extreme panic. The market generally believes that the 104% tariff has raised the Sino-US trade war to an unprecedented level. The market is closely watching the follow-up actions of China and the United States and whether other countries will be drawn into a broader trade conflict. In the short term, the market may continue to be shrouded in high uncertainty.