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Core Viewpoint - The article discusses the significant impact of President Trump's new tariff policy on risk assets, particularly the cryptocurrency market, leading to a sharp decline in prices and a surge in gold prices as investors seek safe-haven assets [1][4][7]. Group 1: Cryptocurrency Market Reaction - On April 2, President Trump announced "reciprocal tariffs," exceeding market expectations, which led to a massive sell-off in risk assets, including cryptocurrencies [1][4]. - Bitcoin plummeted over $4,000, dropping from $86,900 to $82,100, while Ethereum fell from $1,950 to $1,790 [1][4]. - The total liquidation in the cryptocurrency market reached $500 million within 24 hours, affecting over 160,000 traders [1][5]. Group 2: Gold Market Surge - Concurrently, funds flowed into the gold market, with spot gold prices surpassing $3,160 per ounce, setting a new historical high [2][7]. - Analysts suggest that Trump's aggressive tariff policies may slow U.S. economic growth and increase inflation, driving investors towards gold as a hedge against instability [7][8]. Group 3: Economic Implications of Tariffs - Trump's tariffs, which include a 10% baseline tariff and higher rates for specific countries, are expected to raise consumer prices and potentially lead to a recession, with a 40% probability of economic downturn predicted by JPMorgan [4][8]. - The tariffs could increase U.S. personal consumption expenditure prices by 1.7% to 2.1%, depending on retaliatory measures from other countries, and could reduce actual GDP growth by 0.6% to 1% [8]. Group 4: Global Reactions to Tariffs - The European Union and various trade partners have expressed intentions to retaliate against the U.S. tariffs, indicating a potential escalation in trade tensions [9][10][11]. - Leaders from Australia, Japan, and South Korea have voiced concerns over the implications of the tariffs on their economies and are considering countermeasures [10][11].