The current market turmoil, characterized by one of the most severe sell-offs in recent years, is putting traditional safe-haven assets under strain. As reciprocal tariffs kick in today, U.S. Treasury bonds are experiencing a significant downturn, with 10-year yields surging to levels last seen back in February. Gold has shown some gains during the day, but remains down for the week overall, while global stock markets have hit a one-year low during this volatile period. The U.S. dollar is also weakening. While analysts speculate that German bonds and currencies such as the yen might emerge as new haven assets, these alternatives are not without their own challenges, including liquidity constraints, economic uncertainty, and evolving monetary policy outlooks.