According to online reports, QCPCital's latest analysis pointed out that the Trump administration's first round of trade policies has triggered violent fluctuations in the global market. The bond yield curve has leveled out in a bear market-2-year yields rise and 10-year yields fall, indicating market concerns about short-term inflation and the long-term risks of a trade war to global economic growth. The widening spread between gold in New York and London not only reflects the unwinding of the popular EFP carry trade, but also suggests that gold may face logistical challenges in transferring between different vaults, reminding the market of uncertainty that the scope of tariffs may further expand. The cryptocurrency market sold sharply. As a risk indicator before the opening of the U.S. market, the cryptocurrency market experienced nearly US$2 billion in liquidation, of which ETH fell more than BTC. Analysts believe that today's risk aversion is mainly driven by cross-asset portfolio rebalancing rather than a single asset event. Market fluctuations are expected to continue before Trump's negotiations with Canada and Mexico and the implementation of EU tariff policies.