Trump announced a 25% tariff on all imported cars starting April 2, and threatened to expand the trade war by imposing tariffs on other goods, which will lead to an increase in the prices of imported goods, thereby exacerbating inflation. For example, an imported car that originally costs 500,000 may see a significant price increase due to tariffs, raising the cost for consumers. In this situation, consumer demand for high-priced goods may decrease, impacting the overall level of market consumption.

In the context of heightened market uncertainty, investors' risk aversion sentiment has rapidly increased. Gold, as a traditional safe-haven asset, has seen its value highlighted during uncertain times. Data shows that gold prices have been climbing recently, reaching historical highs, reflecting strong market demand for safe assets.

However, the cryptocurrency market, including Bitcoin, has experienced a sharp decline. This is mainly because the performance of the cryptocurrency market is closely related to investor sentiment and the macroeconomic environment. In the current market environment, investors are more inclined to choose traditional safe-haven assets like gold, rather than the highly volatile cryptocurrencies. Additionally, the high volatility and uncertainty of the cryptocurrency market make investors more likely to withdraw their investments during times of economic uncertainty.

Moreover, the release of the U.S. core PCE data for February has also impacted the market. The data shows that inflationary pressures are still rising, further intensifying market concerns about the economic outlook. High inflation not only weakens consumers' purchasing power but may also force the Federal Reserve to adopt a tighter monetary policy, thereby exerting greater pressure on the market.

In summary, Trump's tariff policy and market concerns about inflation have led to a flow of funds from risk assets (such as U.S. stocks and cryptocurrencies) to safe-haven assets (such as gold). This trend reflects investors' cautious attitude in the face of uncertainty and their preference for traditional safe-haven assets. #美国加征关税