The turbulence began on Tuesday, April 2nd, when President Trump implemented a minimum 10% tariff on all countries, with higher rates for nations where the U.S. faces larger trade deficits. As things stand right now, China, in particular, will endure a 34% tariff, which is in addition to the 20% tariffs imposed earlier this year. Other major U.S. trading partners, such as the European Union, Vietnam, and Japan, will also see tariffs of 20% or higher.

That said, the economy itself doesn’t appear to be in as rough a shape as market sentiment might suggest. While GDP estimates were lowered, they’re still positive, and the job market remains relatively strong with steady hiring. People and businesses are still spending, corporate profits are up for the most part, and inflation has been easing.

United Health shares plummeted 7+% after reports that the Department of Justice is investigating its Medicare billing practices a day after Walmart’s disappointing outlook and broader concerns over the impact of President Trump’s tariff policies. The U.S. Composite PMI missed estimates with the Services index falling into contraction territory for the first time in over two years, while manufacturing prices rose. Consumer sentiment also weakened, with the University of Michigan’s index falling as inflation expectations for the next year handily topped expectations.

United Health shares plummeted 7+% after reports that the Department of Justice is investigating its Medicare billing practices a day after Walmart’s disappointing outlook and broader concerns over the impact of President Trump’s tariff policies. The U.S. Composite PMI missed estimates with the Services index falling into contraction territory for the first time in over two years, while manufacturing prices rose. Consumer sentiment also weakened, with the University of Michigan’s index falling as inflation expectations for the next year handily topped expectations.

Tariff developments were a key driver in commodity markets last week, with industrial metals climbing on supply concerns and gold surging to record highs as inflation pressures mounted. Oil struggled amid elevated inflation readings and fading geopolitical risks. Bond yields saw significant swings, with the 10-year Treasury yield jumping to a multi-week peak following the CPI report before retreating sharply to end the week lower. Meanwhile, uncertainty surrounding tariff specifics and market doubts over Trump’s commitment to enforcing them pushed the dollar to its weakest level since mid-December.