$BTC ### 1. **Policy Adjustment Content**

- **Suspension of Tariffs on Some Countries**: Trump announced a 90-day suspension of new tariffs on countries other than China, significantly reducing tariffs from the originally planned higher rate (such as 46%) to 10%, effective immediately.

- **Imposition of High Tariffs on China**: Tariffs on Chinese goods were raised to 125%, citing that "China lacks respect for the world market". This measure also took effect immediately.

### 2. **Background and Reasons for Policy Adjustment**

- **Economic Pressure**: Rising U.S. Treasury yields and fiscal pressures are significant factors. As of March 2025, the total U.S. national debt surpassed $36.5 trillion, with interest expenditures accounting for 18% of total fiscal expenditures. The sell-off of government bonds led to soaring yields (e.g., the 10-year Treasury yield exceeds 4.5%), forcing Trump to concede.