Recently, there has been a lot of mixed information related to tariffs. In the past 7 days, the market value of cryptocurrencies has experienced continuous decline and rapid rebound, causing market turbulence. The entire social media is filled with noise. We need to sort out the key points related to tariffs and cryptocurrencies What happened yesterday? Just hours after the new tariffs came into effect, the Trump administration unexpectedly changed its strategy on April 9th in the face of severe turbulence in the global market. Specific policy adjustments include: -Suspend 'reciprocal' tariffs on most countries for 90 days -Implement lower (but still existing) base tariffs During the 90 day suspension period mentioned above, imported goods from these countries will face a "significantly reduced reciprocal tariff" of 10%. It should be emphasized that although this 10% tax rate is lower than the originally planned higher tax rates for the European Union (20%), Japan (24%), South Korea (25%), etc., it is still a significant increase in tariff levels for many countries before early 2025. -China exception - significant tariff escalation: China is explicitly excluded from this tariff suspension. On the contrary, the US government announced an "immediate" increase in tariff rates on all Chinese goods imported to the US to a staggering 125%. -President Trump himself acknowledges that negative market reactions - "people becoming restless" and "scared" - are one of the reasons that prompted him to adjust policies. After the 90 day suspension of tariffs, the market experienced a brief frenzy, but the trade friction between China and the United States has significantly escalated, and the downward pressure on the risk market remains high. The reasons are: -Economic analysis models show that even after the suspension of tariffs, the various tariffs implemented in 2025 will still impose an additional cost burden of $1500 to $3800 per year on American households, and may lead to a long-term reduction of 0.4% to 0.8% in the size of US GDP -The main risks of trade conflicts are concentrated between the world's two largest economies, leading to significant operational disruption risks for specific industries that heavily rely on China's supply chain -The good thing is that the just released US Consumer Price Index (CPI) for March may serve as a hedge against the negative impact of the US China trade war Importantly, the US government's inconsistent and contradictory interpretations of tariff policies, such as initially stating that tariffs are non-negotiable and then adjusting them under market pressure, accompanied by President Trump's statement that "negotiations are only considered negotiations when they are needed," strongly suggest that tariffs are more often used as an unstable bargaining chip rather than a carefully considered economic strategy. This approach creates ongoing policy uncertainty. Even with a 90 day pause, this is only a temporary ceasefire, and the future policy direction may still take another sharp turn depending on the progress of negotiations or political trends. The most important question is, is this beneficial for the long-term trend of Bitcoin? Yes, this could be a medium - to long-term positive for Bitcoin, as Trump's unstable policies may prompt investors to turn to cryptocurrency 1. Protectionism may weaken the dominant position of the US dollar 2. Capital controls may encourage people to use decentralized assets, such as stablecoins for settlement 3. The uncertainty of trade and inflation makes Bitcoin's fixed supply more attractive At present, Bitcoin has actually demonstrated resilience beyond every cycle. In the face of setbacks in globalization, truly "borderless" assets may be praised by people and attract more buyers to enter.