#特朗普暂停新关税 The Trump administration announced that it will no longer extend the suspension of tariffs and will adopt more aggressive trade policies, which may exacerbate market volatility. Historical experience suggests that high tariffs (such as the proposed 104% tariff by the U.S.) will directly impact export-oriented industries (such as electronics and textiles), leading to downward adjustments in corporate profit expectations and accelerating the outflow of foreign capital. At the same time, the inflationary pressure from tariffs may force the Federal Reserve to delay interest rate cuts, diminishing the appeal of interest-free assets like cryptocurrencies. Although Trump previously signaled a friendly regulatory stance, the current cryptocurrency market is deeply tied to macro variables (inflation, interest rates, geopolitical risks), and there are no signs of decoupling from macroeconomic fears.