New analysis from QCP Capital points out that the Trump administration's first round of trade policies has triggered wild volatility in global markets. The yield curve has flattened in a bear market, with two-year yields rising and 10-year yields falling, indicating concerns about short-term inflation and the long-term risks to global growth from the trade war. The widening gold spread between New York and London not only reflects the popular EFP carry trade positioning squaring, but also suggests that gold may face logistical challenges in moving between different vaults, reminding the market of the uncertainty that the scope of tariffs may further expand. The cryptocurrency market sold off sharply. As a risk indicator before the opening of the US market, the cryptocurrency market saw nearly 2 billion US dollars liquidated, with ETH falling more than BTC. Analysts believe that today's risk aversion is mainly driven by cross-asset portfolio rebalancing, rather than a single asset event. Market volatility is expected to continue until Trump and Mexico negotiate and the European Union tariff policy is implemented.