The terrifying scene at the start of 2025: Trump's trade policies hit hard, turning the global markets upside down.

First, his statement "I like tariffs" triggered a market explosion, with the S&P 500 plunging 15% in the week of implementation. Wall Street was thrown into chaos—until a rebound struck, and the index stubbornly broke through the 7000 mark. The speed of this reversal caught both bulls and bears off guard.

Even more heartbreaking was the performance of the US dollar. Once considered a safe haven, the dollar collapsed by 12%, marking the worst start in 50 years. The market logic was clear: inflation failed to save the dollar; instead, risk assets drained liquidity. US stocks were bleeding, and the dollar was drained dry.

Under the dual pressure of debt stress and trade war flames, the Federal Reserve made an unprecedented three consecutive rate cuts to stem the bleeding. Its independence was questioned, yet it continued steadfastly—behind this was a game of political and market forces. Coupled with the undercurrent of an AI bubble, the entire financial ecosystem was violently oscillating amid this liquidity feast and uncertainty.

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