The decline during the day should be due to two aspects. One aspect is the reassessment of tariffs by Trump. This was mentioned over the weekend and will cause slight fluctuations in the risk market. What the market is most worried about is actually uncertainty, rather than a definite tariff. Looking at it now, the cancellation of IEEPA is definitely a good thing. In the long run, Trump's use of tariffs as a regular weapon will definitely not work.

The current series of combined tariffs has an upper limit. For example, the 15% from the current Section 122 bill is the upper limit. During the trade dispute with China, there were instances of 30% and 40%, so it is much better now. However, Trump will definitely look for ways to make up for it, so there will be other combinations of tariffs that may have changing impacts on certain industries. This is the uncertainty.

This uncertainty leads to short-term fluctuations. Additionally, the geopolitical conflict between the United States and Iran will also affect the market, but these should all be part of the main narrative. The key is to wait for liquidity and the Federal Reserve's monetary policy.

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