The game between the Democrats and the White House over "control of the Federal Reserve" has intensified: Senate Democratic leader Chuck Schumer publicly warned on April 18 that if Trump forcibly fires Powell, the U.S. stock market may repeat the mistakes of "Black Monday" in 1987.

On April 21, 2025, the U.S. dollar index (DXY) continued to fall, hitting an intraday low of 98.164, a sharp drop of 1.03% from the previous trading day's closing price, setting a new three-year low since April 2022. As a result, the euro soared to 1.1485 against the US dollar, the pound broke through 1.3350 against the US dollar, and the yen strengthened to 141.80 against the US dollar due to expectations of intervention by the Bank of Japan.

In the early morning of April 17, Federal Reserve Chairman Powell delivered a strongly worded speech at the Chicago Economic Club, explicitly rejecting the promise of "rescue the market" and bluntly stating that the Trump administration's tariff policy has exceeded expectations and may push up price pressures through supply chain disruptions and cost transmission.

On the global economic stage today, a storm caused by tariff tensions and uncertainty is brewing quietly, posing a serious threat to economic growth in the eurozone. The European Central Bank is facing unprecedented pressure and is widely expected to cut interest rates for the third time this year to cope with this complex situation.

US President Trump recently signed an order to investigate tariffs on key mineral products, marking a further escalation of his trade war strategy. The move not only set off a chain reaction in the global economy and exacerbated the decoupling of the traditional relationship between the dollar and U.S. Treasury yields, but also drove a historic rise in gold prices.

On April 14, 2025, U.S. President Trump once again blasted Ukrainian President Zelensky during a meeting with Salvadoran President Bukele at the White House, saying that he "recklessly provoked a war" and was "ungrateful" for U.S. aid.

The Swiss franc exchange rate against the US dollar soared to 1.2341, hitting a new high since the "black swan" incident in 2015. The US dollar index plummeted 2.1% to 99.8 in a single day. The three major U.S. stock indices fell simultaneously by more than 2.5%, and the S&P 500 triggered the circuit breaker mechanism during the session.

On April 14, the Trump administration announced the launch of a "national security tariff investigation" on the transistor and electronic product supply chain. This policy directly impacted the global industrial chain, causing U.S. stock futures to plummet 3% and the U.S. dollar index to fall below the 99.01 mark.

Since the U.S. policy of imposing a 25% tariff on imported automobiles and parts came into effect on April 3, it has caused severe shocks in the global trade pattern. Michigan, the core of the U.S. auto industry, continues to see political backlash.

On April 9, 2025, just 13 hours after the high "reciprocal tariffs" imposed by the United States on dozens of trading partners came into effect, the Trump administration suddenly announced a 90-day suspension of tariffs, reducing the tax rate to 10%.