All three major U.S. stock indices fell more than 5%, and the Nasdaq entered a technical bear market—what impacts will this have, and what is the outlook for future market movements?

“You don’t have to save the cards for later,” Guo said. 6.1 Translation ● China has also placed 11 U.S. companies on its “Unreliable Entity List,” banning them from conducting trade and investment activities in China. Among them are drone manufacturers Skydio and Insitu—a subsidiary of Boeing. Beijing has launched an antidumping investigation into X-ray tubes used in medical CT scanners imported from the United States and India, and suspended imports of sorghum, bone meal, and poultry products from select U.S. companies. China has also initiated an antimonopoly probe into DuPont’s operations in China. According to DuPont’s latest annual report, the manufacturer derived 19% of its revenue last year from China and Hong Kong, and maintains facilities in Shanghai and several other Chinese cities. DuPont’s stock price plunged 13% on Friday. Guo Shan, partner at Shanghai-based consulting firm Hutong Research, stated that Beijing’s targeted measures against U.S. businesses indicate China still welcomes foreign investment. However, she added that Beijing’s broad-scale retaliatory tariffs signal that, given the high level of U.S. tariffs, China is no longer concerned about provoking even higher levies from the United States. “You don’t have to save the cards for later.” Guo Shan said. 6.2 Key Explanations ● 1. unreliable-entity list: “Unreliable Entity List”—“unreliable” [ˌʌnrɪˈlaɪəbl] is an adjective meaning “untrustworthy; unreliable”; “entity” [ˈentəti] is a noun meaning “entity; existence; organization; institution.” This phrase is a specific term referring to a list of entities deemed unreliable. 2. bans [bæns]: third-person singular form of the verb “ban,” meaning “to prohibit; to banish.” A common collocation is “ban sb. from doing sth.” (“prohibit someone from doing something”). “Which bans them from engaging in trade and investment in the country” means “prohibiting them from conducting trade and investment activities in China.” 3. engaging in: “to engage in; to participate in; to be occupied with.” “Engaging” is the present participle of the verb “engage.” “Engage in sth.” is a common collocation—for example, “engage in trade” (to conduct trade). 4. antidumping [ˌæntiˈdʌmpɪŋ]: adjective meaning “antidumping.” “Antidumping investigation” means “antidumping investigation,” modifying “investigation” to denote the nature of the investigation as targeting dumping practices. 5. suspended [səˈspendɪd]: past tense and past participle of the verb “suspend,” meaning “to suspend; to halt; to hang.” Here it means “to suspend.” “Suspended imports of...” means “suspended imports of...” Common collocations include “suspend sth.” or “suspend doing sth.” 6. select [sɪˈlekt]: as an adjective, meaning “selected; chosen; particular.” “Suspended imports of sorghum, bone meal and poultry products from select U.S. companies” means “suspended imports of sorghum, bone meal, and poultry products from certain U.S. companies,” modifying “U.S. companies.” As a verb, it means “to select; to choose.” 7. antimonopoly [ˌæntiməˈpɒləti]: adjective meaning “antimonopoly.” “Antimonopoly probe” means “antimonopoly investigation,” modifying “probe” to specify the investigative domain as antimonopoly-related. 8. revenue [ˈrevənjuː]: noun meaning “revenue; income; fiscal revenue; tax revenue.” “The manufacturer relied on China and Hong Kong for 19% of its revenue last year...” means “the manufacturer derived 19% of its revenue last year from China and Hong Kong.” 9. facilities [fəˈsɪləti]: plural of the noun “facility,” meaning “facilities; equipment; premises; ability.” Here it means “facilities; equipment.” “Has facilities in Shanghai and several Chinese cities” means “maintains facilities (e.g., factories) in Shanghai and several Chinese cities.” 10. targeted [ˈtɑːɡɪtɪd]: adjective meaning “targeted; precise; focused.” “Beijing’s targeted measures against U.S. businesses” means “Beijing’s targeted measures against U.S. businesses,” modifying “measures.” Also functions as the past tense and past participle of the verb “target,” meaning “to target; to aim at.” 11. still: adverb meaning “still; yet; however.” “China still wants foreign investment” means “China still welcomes foreign investment”; “Still, the broad retaliatory tariff from Beijing...” Here “Still” signals contrast—“however.” 12. provoking [prəˈvəʊkɪŋ]: present participle of the verb “provoke,” meaning “to provoke; to trigger; to incite; to antagonize.” “China isn’t worried about provoking greater levies from the U.S. anymore” means “China is no longer concerned about provoking even higher levies from the U.S.” “Provoke sth.” is a common collocation. 13. levies [ˈlevi]: plural of the noun “levy,” meaning “taxation; tax; levy.” “Greater levies” means “higher levies (taxes).” As a verb, “levy” means “to impose (a tax, etc.); to conscript (soldiers, etc.).” 14. cards: here metaphorically means “trump cards; ace up one’s sleeve.” “You don’t have to save the cards for later” is an idiomatic expression meaning “you need not hold back your strongest options for later use.” 15. given [ˈɡɪvn]: preposition meaning “considering; in view of; given that.” “Given the high level of U.S. tariffs” means “in view of the high level of U.S. tariffs,” introducing a prepositional phrase indicating cause or background context.

Sending the U.S. off during the Qingming Festival: To deliver this coordinated countermeasure package, China has been preparing for many years.

Prior to this, numerous leaders had visited the U.S. in attempts to persuade Trump—but all returned empty-handed. The facts have already proven that the U.S. bullies the weak and exploits every inch of concession it receives: the weaker you appear, the more aggressively it pushes forward. Against this backdrop, global attention has turned squarely toward China. The combined U.S. tariffs imposed on Chinese goods across two rounds now total as high as 54%. In the previous round of countermeasures, China imposed additional tariffs on U.S. agricultural products; this time, however, China has unleashed a full suite of coordinated countermeasures—effectively bidding farewell to the U.S. over the Qingming holiday period. On April 4, China announced an additional 34% tariff on all goods originating from the United States. This was only the beginning: on the same day, China announced that DuPont China Group was under investigation for suspected violations of China’s Anti-Monopoly Law; placed 16 U.S. entities on its export control list; added 11 U.S. companies—including Skydio—to the Unreliable Entity List; suspended import qualifications for products from six U.S. enterprises; launched an antidumping investigation into medical CT X-ray tubes imported from the U.S. and India; and imposed export controls on certain medium- and heavy-rare-earth-related items… Following these successive countermeasures by China, U.S. stock index futures plummeted immediately. In responding to Trump’s tariff hikes, China appears to be the country with the most potent arsenal—and the most thorough preparations. Beyond the tariff measures—which constitute direct, tit-for-tat retaliation—all other actions were pre-planned, non-ad-hoc, and de-politicized, rather than impromptu political sanctions. Take DuPont, for instance—the notorious patent troll. Indeed, among the few U.S. manufacturing firms possessing genuine technological capability, many operate precisely as such patent trolls; if U.S. manufacturing ever recovers, it would truly be a miracle. DuPont’s business portfolio spans arms manufacturing, chemicals, insurance—and it stands as one of America’s true super-conglomerates, having grown alongside the United States itself.

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