Group 1 - The core viewpoint of the article highlights the significant impact of Trump's tariff policies and the "One Big Beautiful Bill Act" on the U.S. financial markets, leading to concerns over U.S. debt and the potential long-term weakening of the dollar's asset premium [1][2][3] Group 2 - Trump's "reciprocal tariff" policy has caused substantial short-term volatility in the U.S. financial markets, resulting in a "triple whammy" of declines in stocks, bonds, and the dollar, with the dollar not exhibiting its typical safe-haven characteristics [2][3] - The "One Big Beautiful Bill Act" has been passed by Congress, extending and expanding tax cuts from Trump's first term, increasing the debt ceiling by $4 trillion to $40.1 trillion, and projected to add at least $3.4 trillion to the fiscal deficit from 2025 to 2034 [2][3] - The 30-year Treasury yield rose to 5.05% amid concerns over U.S. debt, despite major stock indices recovering to early-year levels [2][3] Group 3 - The historical influx of foreign capital has supported U.S. economic growth and sustained the dollar's asset premium, with the dollar's "exorbitant privilege" being a key factor in maintaining its dominant position in the international monetary system [4] - U.S. Treasury bonds are considered the most important "safe asset," typically offering higher convenience yields compared to other safe assets, allowing the U.S. government to finance at lower costs [4] Group 4 - The sources of the dollar's asset premium are being eroded, with a decline in the dollar's share in global central bank reserves and concerns over the sustainability of U.S. debt levels [10] - Trump's policies have exacerbated the uncertainty surrounding the dollar's asset premium, with the "One Big Beautiful Bill Act" increasing debt unsustainability and the unpredictable nature of tariff policies raising risk premiums [11][14] Group 5 - The outlook for the U.S. financial markets suggests continued potential volatility due to persistent policy uncertainty and the Federal Reserve's challenging balance between inflation and recession risks [15] - The long-term challenge for the U.S. is maintaining the dollar's dominant position while trying to enhance domestic manufacturing competitiveness, which may lead to a contraction in global dollar liquidity [16]