From the market reaction to $ETH , the news of pausing tariffs has alleviated concerns about escalating trade frictions, causing a significant surge in U.S. stocks, with the Nasdaq index recording its largest single-day gain since 2001. However, this move is essentially a strategic buffer, aimed at negotiating with various countries during a 90-day window period, requiring them to meet conditions such as opening markets and increasing purchases from the U.S., rather than genuinely abandoning protectionism. In the long term, the repeated tariff policies have triggered turmoil in the global supply chain, putting U.S. companies like Boeing and Tesla in a predicament due to soaring costs and supply chain risks, with stagflation pressures likely to manifest in the third quarter.