The new stage of tariff war - from the short-term "extreme war" of asking exorbitant prices to the long-term "limited war" of acting within one's means The total amount of exemption this time reached almost 1/3 of Chinese goods imported by the United States, which marks that the Trump tariff war has entered a "limited war" stage For the US stock market, this strategic shift sends an important signal that has been underestimated by the market: economic policies will shift from unpredictable extremism to calculable pragmatism. This transformation will significantly reduce the uncertainty premium in the market, making it easier for investors to assess and price policy risks, and will facilitate the return of capital from safe haven assets to growth assets. This "limited war" mode will effectively reduce the market pressure, and at the same time reduce the pressure on Trump, which will make the tariff confrontation more sustainable. (At least in the short term) We are likely to have passed the most violent time of market fluctuations.