The core reason for the slight recovery of the market today is that Trump once again implemented "TACO". This kind of door-to-door repeated explanation is either that there are still one or two key trade partners that have not been settled, or that it involves the coordination issue of the Federal Reserve. The European Union, the United States, Canada, and Mexico are basically within expectations, but the most uncertain is China. China has not been included in the 14 country list nor has it received a public tariff letter, and it is likely to be arranged separately with a game of pace. On the other hand, the role of the Federal Reserve cannot be ignored. The combination of tariffs and the "Big Beautiful Act" will increase inflation expectations. Once synchronized, the difficulty of interest rate cuts will sharply increase, and market risk appetite will actually decrease. So Trump is likely to use this time to finalize the next chairman of the Federal Reserve, while creating internal pressure and raising market expectations to hedge the negative impact of tariffs.