Is it just data? You only need to see if it's a fixed-point explosion, that's it. Additionally, many people are asking, aren't the China-U.S. tariffs supposed to be lowered? Shouldn't they be increasing? Here's a chart for you to look at, understand for yourself. Currently, all policies only serve a temporary easing effect, and it's actually within 90 days. So will there be any changes within those 90 days?

However, personally, I feel that the short-term pullback is not due to tariffs, but simply a liquidation of long positions.