China still has $759 billion of treasury bond in its hands. If all of them are sold these days, the tariff war will be turned into a financial war. The MOVE index will exceed 140, and the yield of 10-year US bonds will rise by 0.3% -0.6%. In this case, Trump may offer to freeze Chinese senior officials in US assets and other nuclear retaliation. At the same time, the Federal Reserve can only repeat what it did during the epidemic: let commercial banks buy back treasury bond, and the flood will start.