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However, the mood shifted suddenly when unexpected geopolitical news emerged, serving as the catalyst for the chaos.
The Trigger: Trump’s Escalating Trade War with China
The trigger for the market collapse was a startling announcement from former President Donald Trump. He revealed that China was taking a notably aggressive stance on trade, declaring plans to impose large-scale export controls. Most critically, Trump announced that starting November 1st, the U.S. would implement a 100% tariff on Chinese goods—an escalation above the existing tariffs.