The dynamic tariff policy of the Beautiful Country always stirs the nerves of the global market. Currently, its tariff policy has partially landed - the 10% temporary Benchmark tariff introduced in April this year has officially taken effect, but subsequent policies are full of uncertainties. The new round of tariffs originally scheduled to be implemented on July 9 has been postponed to August 1, and the import tax rates for different countries may fluctuate between 10% and 70%. Economies such as Japan, the European Union, and India, which have not yet reached trade agreements with the Beautiful Country, still face uncertainties in tax rate adjustments, making the direction of the global trade landscape even more confusing.

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At the same time, the U.S. Treasury bond market has recently seen increased volatility. Those familiar with the situation know that Trump has always held the attitude of "issue as much as possible" regarding bond issuance, and this mindset triggered a chain reaction again in early July — U.S. bond yields continued to rise, putting pressure on prices to fall. The core reason behind this is the intertwining of uncertainty in tariff policies and market expectations for interest rate hikes, with the tug-of-war between these two forces leading bond market investors to adopt a wait-and-see approach and make adjustments.

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The performance of the US dollar is also worth paying attention to. Influenced directly by Trump's policies, the US dollar has been continuously weakening recently, and the underlying logic is quite "banker-style": promoting economic growth through increased borrowing to "rob Peter to pay Paul," which leans more towards short-term capital maneuvering rather than long-term strategic planning. Data shows that the recent decline in the US dollar index has approached 11%, and clearly, Trump's confidence that "global funds must revolve around the US dollar" is being challenged — global investors' asset allocation is gradually reducing its dependence on the US dollar in the short term, a trend that deserves vigilance.

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Finally, let's return to the most concerning topic for everyone: the cryptocurrency market. These macro-level news may seem unrelated to the crypto world, but they are key variables that influence the volatility of cryptocurrencies. Whether it's the final implementation of tariff policies or the subsequent decisions of the Federal Reserve, they could potentially become the triggers for market explosions. For traders, in addition to closely monitoring the capital flows of whales and institutions, it is crucial to cultivate a sensitivity to the market. Although whales and institutions may not always accurately catch the bottom and top, their actions are often quicker than those of retail investors. What we need to do is filter out the truly valuable signals from the complex information, lay out our strategies in advance, and manage risks effectively in order to seize opportunities amidst the volatility.