The Ibex 35 index experienced significant volatility over a short period due to trade tensions linked to U.S. tariffs. After three consecutive sessions of decline, the index rose by 2.37% on April 8, 2025, following concerns over a trade war initiated by President Donald Trump. However, on April 9, the Ibex opened with a drop of 2.7%, reaching 11,704 points, as reciprocal tariffs took effect. By the end of the same day, the index closed down 2.22%, driven by escalating trade disputes between the U.S. and China. In a dramatic turnaround on April 10, the Ibex surged by over 8% at the opening, fueled by a temporary 90-day tariff pause announced by Trump. The index later moderated its gains to around 6% as the market reacted to the announcement and subsequent developments in European markets.