BTC seeks a way out in the chaotic era Trump's repeated jumps on tariff issues are a declaration of sovereignty in the economic and geopolitical context of the great power game between China and the United States. The 90 day buffer period for most countries has highlighted and focused on the tense situation between China and the United States. The hedging nature of US bonds has weakened; BTC is still considered a risky asset for pricing and is still subject to geopolitical and economic uncertainties in the short term. Policy timeline On April 2nd, Trump announced a 10% tariff on all countries starting from April 5th, and a higher tariff of 11% to 50% on the 57 countries with the largest trade deficits starting from April 9th. Specifically for China, tariffs will increase by 34% from the previous 20%, totaling 54%, and will take effect on April 9th. Trump shouted that April 2nd is "Liberation Day" and "a declarative economic independence day in American history". It is not difficult to understand that tariffs are aimed at protecting sovereignty. The United States has a trade deficit of up to $1.2 trillion in goods in 2024 and needs to restore manufacturing competitiveness. On April 9th, Trump announced a 90 day suspension of tariffs on 75 countries that did not retaliate and communicated tariff issues. The tariffs were reduced to 10%, but the tariffs on China were further increased to 125%, effective immediately. Weakening of the safe haven nature of US bonds Since Trump announced tariffs, US bond prices have fallen sharply and yields have risen, which goes against traditional safe haven asset behavior. Investors are turning to other safe haven assets, such as gold and German bonds. The doubts about the tide of selling US bonds have further undermined the US's position as a global safe haven, the market's uncertainty about Trump policy, and its concern about the US debt level and political risks. This led to the subsequent 90 day suspension of tariffs, but instead highlighted the tense situation between China and the United States. Competition between China and the United States The core focus of tariff policy is the economic competition between China and the United States. The trade war between China and the United States continued to escalate in 2018, and Trump's policies actually continued this trend. Currently, Trump's 90 day tariff suspension on 75 countries is clearly influenced by fluctuations in the US bond market, but the suspension does not include China and the increase is clearly a geopolitical consideration. The pressure from the United States is not unfounded, as China has raised its tariffs on China to 125% and imposed an additional 84% on all imported goods originating from the United States on top of the current tariffs. The pricing of risk assets in Crypto is still very evident in this tariff conflict. In the past week, BTC fell from 88000 to below 75000, and today it rebounded to 82000 due to Trump's 90 day suspension of most countries' tariff wars. The weakening of the safe haven nature of US Treasury bonds and US dollars marks the beginning of a chaotic era, providing another opportunity for BTC to transform from a risky asset. Will this time be different?