On the day, high U.S. tariffs went into effect. China puts an 84% trade penalty on U.S. goods,

and just now Europe puts 25% tariffs on a smaller targeted list of U.S. imports.

I'm David Brancaccio in Los Angeles. This is what a global trade war looks like. There's news that China, undeterred by President Trump raising import tax on China to 104 percent, will raise its tariff on U.S. goods by another 84%. And just now the European Union responded to U.S. steel and aluminum tariffs, specifically, with some specific import duties on U.S. motorcycles,

poultry, and fruit. Markets far and wide are digesting this if tariffs result in recession

will use less oil, and the price of crude is down more than 6 percent now, just under $56,

the lowest since the second pandemic year. The main market story today so far, bonds are

sharply down. Jeremy Swan is managing partner at Cohn-Resnick, a corporate risk advisory firm.

Good morning. Good morning.

Jeremy, something that hasn't been flat overnight is the bond market. There was a spike in the

benchmark 10-year interest rate as treasuries fell sharply.

I thought these bonds were a safe haven during turbulent times, but there's something else at work here, I think.

I think there absolutely is. I think it's heavily driven by the uncertainty that's out there in the markets.

You look at the potential for recession risk

in the U.S. recession risk globally, the challenges that are out there ahead of us, and we continue

down this path as relates to tariffs. It's just really weakening a lot of that support that has

been out there. What are you telling clients during these

turbulent times? It's been quite a week and a half here. I would say everyone is now in a risk on mode

and really, you know, taking away and see approach. So, you know, we're talking to our clients,

really helping them understand, you know, what is the potential impact on your business?

Looking at various scenarios, you know, coming up with their contingency plans, contingency plan A,

contingency plan B, to really think through, you know, what should you be doing as we look ahead

to really understand, you know, what the impact is going to be and what shifts need to change

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