LONDON, April 9, 3:16 AM PDT (Reuters) â Global markets took a beating again on Wednesday as U.S. President Donald Trumpâs eye-watering 104% tariffs on China took effect, and a savage selloff in U.S. bonds sparked fears that foreign funds were fleeing U.S. assets.
So what happened today is that the US bond market started to melt down early this morning New York time. (If you donât know what that means: investors around the world started to question the global safe-haven status of the United States by dumping their US Treasury bonds. Do we really want a start another 2008-style global financial crisis?).
Trump backed down (some) from the tariffs, and the day ended with the Dow Jones up 7.8%, S&P 500 up 9.5%, Nasdaq up 12.16% today.
Whatâs not to like about that? Let me tell you.
The original Trump Tariff Tantrum that started all this turmoil is only on a 90-day timeout.
The 10% tariff that remains in place right now with US trading partners, is far, far higher than for any other OECD country.
The trade war that Trump had started with China has arrived at a stunning 125% for imports from China and a stunning 84% export tariff to China. (In reality: a trade embargo between the countries with far and away the worldâs two largest economies).
The American consumer is going to get killed.
Appleâs, Walmartâs and the profits of countless other companies big and small, in America and in China, will be obliterated.
Millions of Americans are going to lose their jobs.
The only question to ask is when the 2025 Trump Recession will start.
Or has it started already, because nobody has any confidence that this clownâs show 
will ever end?
Jim Cramer on âWhat weâve learned from the tariff turmoilâ:
1. Nobody Ever Made a Dime Panicking. (Do not make investments, or get out of investments because of rash, fearful or irrational emotions.)
2. Bulls Make Money, Bears Make Money, Pigs Get Slaughtered. (Donât be greedy. If you had taken an investment position and made a reasonable profit on it, be happy and stay put. Or sell it, and donât regret later that you did not make even more money.)
3. The President Likes Drama â You Wonât Get Certainty. (Translation: The President that had run casinos into the ground as a âbusinessmanâ, likes to gamble with your life savings and your retirement money on the worldâs financial markets.)
4. Donât Bet Against Good Companies. (Companies like Apple and Microsoft and Walmart have been around a very long time and have weathered many storms. They will find a way around the tariffs, or become profitable again after taking a hit.)
5. Staying The Course In The Markets Is Always The Winning Strategy. (There are huge down days and huge up days in the market, which cannot be predicted. So do not try to âtime the marketâ and to miss the down days and catch the up days.)
[Screenshot from CNBCâs Mad Money with Jim Cramerâ]