#贵金属黄金与白银刷新历史高位 Trump's new round of economic policies stir the market, with a set of combined measures directly targeting the global trade system. The triangular combination of high tariffs + deficit plans + fiscal subsidies is profoundly rewriting the global supply chain map.

The core logic of this policy wave is actually not complicated: forcing manufacturing capacity to flow back to North America through tariff barriers, while maintaining domestic consumption capacity with fiscal measures. But problems follow — factory relocation takes time, rising costs are unavoidable, and ultimately consumers bear the brunt.

The supply chain has already felt the pressure. European and Chinese suppliers are re-evaluating cost structures, Southeast Asia is gradually becoming a transit zone to hedge risks. Multinational companies are shifting from the past "cost optimization" mindset to a "risk hedging mode." The efficiency dividends of globalization are diminishing, and security and localization have become new dimensions of competition.

At the market level, inflation expectations are clearly rising. Commodity prices, freight costs, and labor costs are all under pressure. Although governments plan to maintain purchasing power through transfer payments and fiscal stimulus, how far this "money printing to fight inflation" logic can go is uncertain.

From an asset allocation perspective, assets like $COTI, $PAXG may be worth关注 — they represent innovation in the payment layer and gold hedging respectively. As the global trade system faces reconstruction, cross-border capital flows may indeed undergo sudden changes. While the US dollar remains the international settlement hub, its attractiveness as a hedging tool is changing.

The biggest suspense of this round of operations is: can the global economy find a new equilibrium under the "security first" framework? If a trade war escalates, how should your holdings be adjusted? This is worth serious consideration.