The total amount of U.S. national debt has exceeded $36 trillion, with a per capita debt of approximately $107,467, setting a historical record. The national debt is issued by the Treasury Department, divided into short-term Treasury bills, medium-term notes, and long-term bonds, aimed at global investors. In recent years, the deficit has surged, with the deficit reaching $1.5 trillion in the first 10 months of the 2024 fiscal year, raising concerns in the market about the credit of U.S. debt and the status of the dollar. Rising yields increase the fiscal burden, and Trump's tariff policy may further escalate the debt. There is a clear trend of countries reducing their holdings of U.S. debt, with China, Japan, and others adjusting their positions, while the appeal of gold has strengthened. The issue of U.S. debt is not only an economic challenge but also related to global financial stability.