As shown in the citation, apart from the rapid progress of the North American Gala, the tariff war is basically heading towards the worst-case scenario: one ️⃣ Countries are starting to implement trade countermeasures, which will increase inflation levels in the short term and exacerbate recession expectations in the long term two ️⃣🇨🇳 The package will be fought to the end, but it may not necessarily be divided three ️⃣ The credit spread of junk bonds continues to rise four ️⃣ Due to short-term inflationary pressures, the Federal Reserve can only remain indifferent without clear federal and Trump inputs five ️⃣ Start aggressive pricing and relief style interest rate cuts Personally, I still maintain the same mindset - most countries will give in and wait for the credit spread to explode, forcing the Federal Reserve to turn around. Without surrender, there will be no bottom. Put yourself in the perspective of the Federal Reserve, without seeing the impact of tariffs and clearly stating that the bottom cannot be moved. If you can't understand it now, don't trade. If you go in the wrong direction and lose your capital, you will miss the next main uptrend.