Teacher Ni's statement is very comprehensive. The implementation of tariffs will have an impact starting next Wednesday, and Q2 will be an important observation period. Personally, I will pay attention to the following matters on April 2nd: 1. Does value-added tax cover (if yes, negative; otherwise, positive) If the equivalent tariff takes into account value-added tax as previously mentioned, then the equivalent tax rate will be higher than expected. 2. Does Mexico have tariff exemptions? (If so, it's beneficial; otherwise, it's negative) As mentioned earlier, in Lutnik's tariff system, the Mexican Canadian tariffs are an extension of domestic policies, hoping that they will cooperate to promote domestic circulation in North America and facilitate negotiations. Mojia is one of the top 2 trading partners, and if it can be exempted, the pressure of stagflation will be reduced. Previous tweet reference: https://((x.com))/OwenJin12/status/1897128473111781626 How does the US dollar index provide feedback Tariffs trigger supply side driven inflation, and supply side inflation and the strength of the US dollar will have a chemical reaction with each other - Dxy hitting bottom and rebounding will offset some of the tariff effects; If Dxy continues to decline, future inflationary pressures will increase. The strength of the US dollar is an amplifier of supply side inflation, and if the US dollar appreciates, stagflation pressure will relatively weaken. Previous tweet reference: https://((x.com))/OwenJin12/status/1899828946323357799 4. Expected changes The macro environment of Q1 is not bad, with less liquidity, slower QT, and lower 10y and Dxy. However, since February, with changes in policy expectations, the cryptocurrency industry has experienced multiple "Black Mondays" during the opening hours of US stock futures, from Deepseek squeezing valuations, to the sudden Mexican and Canadian tariff countermeasures over the weekend, and to recession expectation trading. Overall, there are only three expected changes: ① The're inflation expectation 'brought about by tariffs ② Weakening economic data and Federal Reserve's wait-and-see approach lead to stagflation and 'recession expectations' ③ The 'adjustment expectation' of overvaluation in the post pandemic era I personally believe that if these three expectations cannot be reversed in trading, it will be difficult to reverse the pricing range of 78000-91000 in the previous chart. We haven't seen any concessions on tariffs yet, so if we exceed them, we will find a deviation to do the opposite operation. The bullish opportunities in 2025 may arise from the expected reversal brought about by the implementation of tariffs and tax reduction bills (the tax reduction bills have not yet shown signs, we are slowly waiting).