According to online reports, QCP Capital issued an article on the official channel saying that Trump announced on Wednesday a 10% tariff on all imported goods and launched a "reciprocal tariff" policy for countries with large trade deficits with the United States, reigniting global trade tensions. Affected by this: BTC fell from an intraday high of US$88,500 to US$81,200, with a decline of more than 8%. Large-scale liquidation occurred in the cryptocurrency market. Long positions were cleared of more than US$221 million. U.S. stock futures fell sharply. Nasdaq futures fell 4.28%. S & P 500 futures fell 3.38 Consumer stocks with high supply chain exposure were hit hard, and American Eagle plunged 17.47%. The market is now turning its focus to the upcoming non-farm employment report. In anticipation of an economic slowdown, the market expects the Federal Reserve to cut interest rates four times in 2025, with 25 basis points each in June, July, September and December. In the options market, short-term volatility remained high and demand for downside protection increased, reflecting cautious market sentiment. However, analysts believe that with risk assets generally oversold, a rebound may occur in the short term.