中信证券研报称，1月3日特朗普政府突袭委内瑞拉首都，绑架其总统马杜罗。该举措正是在贯彻2025年 美国《国家安全战略》中的"门罗主义特朗普推论"，对南美各国加强控制力。我们认为该类行动正在透 支美国国家信用，加速破坏基于规则的国际秩序。但同时，由于美国的军事投送能力下降，这类"绑架 行动"或"斩首行动"已经很难在非南美洲国家实施。而21世纪以来，全球央行的购金主力是非南美洲的 南方国家央行。因此我们认为，委内瑞拉事件后，特朗普任期内，黄金价格上行将会因此加速。 ...

Core Viewpoint - The article discusses the negative impact of Trump's aggressive economic policies, particularly his tariff strategies, on both domestic support and the broader economy, leading to increased inflation and potential loss of investor confidence in U.S. debt [1][3][4]. Economic Policies and Their Effects - Trump's rapid implementation of tariffs has increased pressure on American citizens and businesses, undermining his support base among lower-income Americans [3][4]. - The approach of forcing global supply chains back to the U.S. through tariffs is deemed impractical and has resulted in significant losses for multinational corporations, contributing to stock market declines [3][4]. Public Sentiment and Approval Ratings - Recent survey data indicates that only 44% of respondents approve of Trump's performance, with 51% disapproving, reflecting a significant drop in support since his election victory [5]. - Trump's approval rating on economic issues has fallen to 43%, with a disapproval rate rising to 55%, indicating growing dissatisfaction among the electorate [5]. Future Risks and Challenges - The impending maturity of nearly $6 trillion in U.S. debt poses a significant risk, as the tariff war may deter potential buyers of U.S. bonds, threatening the government's creditworthiness [7]. - Rising inflation, coupled with the Federal Reserve's reluctance to lower interest rates, could exacerbate public discontent, making it difficult for Trump to maintain control in the upcoming midterm elections [7].