随着美国 - 中国紧张局势升级，全球市场陷入动荡

在前一天的乐观情绪中，全球市场再次陷入动荡，因为美国和中国之间的紧张局势加剧了巨大的抛售

Global markets experienced a sharp sell-off on Thursday, extending the previous day's downturn as rising tensions between the United States and China pushed stocks, currencies, and commodities lower, continuing a turbulent few months in the markets.

全球市场周四经历了急剧的抛售，随着美国和中国之间的紧张局势的加剧，股票，货币和商品降低，延长了前一天的下滑，在市场上持续了几个月的动荡。

The threat of worsening economic conflicts sparked fears of deeper, more lasting damage to global growth and stability, a stark contrast to the optimism that had briefly emerged on Wednesday with a rally that some compared to the bullish momentum of 2008's stimulus-driven bounce.

恶化经济冲突的威胁引发了人们对全球增长和稳定的更深层，更持久的损害的恐惧，这与周三短暂出现的乐观形成了鲜明的对比，与2008年刺激驱动的反弹相比，这是一个集会。

But as optimism quickly fizzled out with the threat of further trade war escalation looming large, financial experts at QuilCapital are now weighing in on what this rapid market unraveling could mean for the months ahead.

但是，随着进一步的贸易战争升级的威胁，乐观情绪迅速消失，Quilcapital的财务专家现在正倾向于在未来几个月内的快速市场揭开市场可能意味着什么。

Here's a glance at the unfolding financial landscape:

这是一眼就展开的金融景观：

Wall Street suffered a setback on Thursday as the trade war between the world’s two largest economies escalated further.

随着世界上两个最大经济体之间的贸易战进一步升级，华尔街在周四遭受了挫折。

The U.S. tariffs on Chinese goods now total 145%, with new measures introduced to counterbalance the retaliatory policies coming from Beijing. This abrupt shift in tone wiped out gains from what had been the largest stock-buying surge in five years, pivoting the mood from hope to uncertainty.

美国对中国商品的关税总计145％，采取了新的措施来抵消北京的报复性政策。这种语调的这种突然转变消除了五年来最大的股票购买激增的收益，从希望到不确定性的情绪转移。

In response, the S&P 500 plummeted 6%, while the Nasdaq 100 dropped 6.8% and the Dow Jones Industrial Average lost 5.1%. Reflecting a broader retreat from risk, the MSCI World Index fell by 3%.

作为回应，标准普尔500指数下降了6％，而纳斯达克100分率下降了6.8％，道琼斯工业平均水平下降了5.1％。 MSCI世界指数反映了更广泛的风险撤退，下降了3％。

Traders are increasingly focused on how this economic stalemate will influence future earnings, employment trends, and overall GDP growth. The message is stark: this is no longer a temporary disruption but a potentially structural threat to global financial equilibrium.

贸易商越来越关注这种经济僵局将如何影响未来的收入，就业趋势和总体GDP增长。信息是鲜明的：这不再是暂时的破坏，而是对全球金融均衡的潜在结构性威胁。

The White House’s decision to delay certain tariffs had sparked optimism on Wednesday, leading to a rally. However, investors quickly revised their expectations, recognizing that the postponement offered no resolution–only more delay. This thinking was largely sparked by the administration’s introduction of an additional 10% tariff on all remaining Chinese goods.

白宫决定推迟某些关税的决定在周三引发了乐观，导致集会。但是，投资者迅速修改了他们的期望，认识到推迟没有提供任何解决方案 - 只有更多的延迟。政府对所有剩下的中国商品的额外关税额外的关税引起了很大的引起，这种想法在很大程度上引起了人们的注意。

The shift highlights the fragility of market sentiment in an era where geopolitical decisions rapidly alter financial trajectories. A 10% base tariff might have seemed manageable, but the looming threat of further escalation, especially within the 90-day window for trade talks, has rekindled fears of a prolonged trade war with serious consequences for corporate America and beyond.

在地缘政治决策迅速改变金融轨迹的时代，这种转变凸显了市场情绪的脆弱性。 10％的基本关税似乎是可以控制的，但是进一步升级的迫在眉睫的威胁，尤其是在90天的贸易谈判窗口中，重新激发了人们对延长贸易战的担忧，对美国及其他地区及其他地区的严重后果。

Multinational corporations have begun tapping the brakes on spending, production, and hiring in response to the escalating trade tensions.

跨国公司已经开始利用刹车，以应对不断升级的贸易紧张局势来支出，生产和招聘。

As the uncertainty surrounding trade negotiations deepens, so does the likelihood that businesses will delay investment decisions, a move that can ripple across supply chains and labor markets.

随着围绕贸易谈判的不确定性加深，企业延迟投资决策的可能性也加剧了，这种举动可能会跨越供应链和劳动力市场。

While the current administration frames these tariffs as a tool to rebalance trade relationships and curb China’s retaliatory tactics, many industry strategists view the approach as destabilizing.

尽管当前的政府将这些关税视为重新平衡贸易关系并遏制中国的报复策略的工具，但许多行业战略家认为这种方法是不稳定的。

From a macroeconomic perspective, the continuation of aggressive tariff policies only exacerbates global anxiety and risks pulling down consumer sentiment along with business confidence.

从宏观经济的角度来看，侵略性关税政策的延续只会加剧全球焦虑，并冒着企业信心降低消费者情绪的风险。

Periods of market stress usually trigger a flight to safety, benefiting government bonds. However, this time, longer-term Treasuries bucked expectations, with 30-year yields rising nine basis points to 4.8%.

市场压力的时期通常会触发航班飞往安全，从而使政府债券受益。但是，这次，长期的国库震惊了预期，30年的收益率上升了9个基点，达到4.8％。

This unusual behavior suggests that investors may no longer trust bonds to perform their traditional stabilizing role in times of financial stress.

这种不寻常的行为表明，投资者可能不再信任债券来在财务压力时期发挥其传统的稳定作用。

Meanwhile, the dollar is approaching its lowest level since October, signaling that investors may be reassessing the strength of the U.S. economy in light of these developments. This retreat from U.S. assets highlights a broader sense of unease that now permeates both domestic and international investment communities.

同时，美元以来，美元正接近其最低水平，这表明投资者可能会根据这些发展来重新评估美国经济的实力。美国资产的撤退突出了一种更广泛的不安感，现在渗透到国内和国际投资社区。

March’s inflation numbers appeared to show cooling across key categories, but many analysts caution against overinterpretation. These figures were recorded before the most recent round of tariffs, and the expectation is that inflationary pressures will re-emerge once these new levies begin filtering through the economy.

3月的通货膨胀数字似乎显示出跨关键类别的冷却，但许多分析师警告不要过度诠释。这些数字是在最近的一轮关税之前记录的，期望这些新的征费开始通过经济过滤，将重新出现通货膨胀压力。

While a modest drop in prices for services like hotel stays and airfare might seem positive at first glance, they could also indicate declining consumer demand, a potential warning sign of economic slowdown. As one financial strategist put it, “Lower inflation caused by shrinking economic activity is not the solution markets are looking for.”

虽然乍一看，诸如酒店住宿和机票之类的服务价格的价格适中，但它们也可能表明消费者需求下降，这是经济放缓的潜在警告信号。正如一位财务策略师所说，“由于经济活动缩小而导致的通货膨胀率降低并不是解决方案市场正在寻找的。”

Amid all this volatility, the U.S. Federal Reserve remains hesitant to alter its course. Several central bank officials have voiced concerns that tariff-related inflation could become more entrenched, despite initial assumptions that it would be short-lived.

在所有这些波动性中，美国美联储仍然犹豫不决。几位中央银行官员表示担心与关税相关的通货膨胀可能会更加根深蒂固，尽管最初的假设是短暂的。

The President of the Federal Reserve Bank of Kansas City remarked on his reluctance to view the current inflation spike as a passing issue, while the Dallas Fed President emphasized the importance of ensuring that these cost pressures do not become baked into the economy. For now, the Fed seems content to maintain interest rates and monitor evolving conditions, even as market volatility puts pressure on policymakers to respond.

堪萨斯城联邦储备银行的总裁指出，他不愿将当前的通货膨胀率视为一个过往的问题，而达拉斯美联储主席则强调了确保这些成本压力不会融入经济的重要性。目前，美联储似乎很满足于维持利率并监测不断发展的条件，即使市场波动构成对决策者做出反应的压力。

In this era of heightened financial tension, investors are navigating an increasingly complex and uncertain environment. The shifting nature of global trade, coupled with

在这个加剧的财务紧张时代，投资者正在驾驶日益复杂和不确定的环境。全球贸易的变化性质，再加上