According to Lawrence Summers, a former Treasury Secretary and current Harvard University professor, the recent market turbulence could be a sign of more challenges to come. He highlighted that the sharp drop in markets signaled potential trouble ahead, cautioning people to be vigilant. The decline in US and international stock markets last week was triggered by President Trump imposing tariffs on various countries, leading to significant losses in market value. Summers expressed concerns about the impact of the tariffs, warning of potential higher inflation, lower growth, and reduced consumer spending. He emphasized the need for policy reversal to address the economic repercussions. In contrast, Treasury Secretary Scott Bessent defended the tariffs, dismissing concerns about a US recession. The ongoing market volatility extended to the Middle East, with Saudi Arabia experiencing significant declines amid fears of a global trade war and low oil prices. Additionally, Chinese markets were expected to face further challenges upon reopening due to retaliatory measures against US imports. The severe drop in Chinese stocks listed in the US indicated a possible technical correction in the local market, prompting concerns of a bear market.