億萬富翁雷·達利奧（Ray Dalio）表示，最近的全球“市場崩潰”是由前總統唐納德·特朗普（Donald Trump）施加的新一輪關稅引發的，這不僅顯示出臨時波動和傳統飛往安全資產的飛行。

雷·達利奧（Ray Dalio）認為，這些措施實際上是重塑世界秩序的五種結構力的症狀。

Billionaire investor Ray Dalio, founder of Bridgewater Associates, penned a note on Tuesday discussing the recent “market meltdown” triggered by a new round of tariffs imposed by former President Donald Trump.

億萬富翁投資者雷·達利奧（Ray Dalio）是布里奇沃特（Bridgewater Associates）的創始人，他在周二發表了一份票據，討論了最近的“市場崩潰”，這是由前總統唐納德·特朗普（Donald Trump）徵收的新一輪關稅引發的。

While the market downturn and the traditional flight to safe assets, such as U.S. Treasuries and the Japanese yen, have been widely discussed, Dalio offers a broader perspective.

儘管廣泛討論了市場的低迷和傳統飛往安全資產的航班，例如美國國債和日元，但達利奧（Dalio）提供了更廣泛的視角。

For him, tariffs are not just a matter of revenue collection but also a strategy for economic preparation for times of conflict and even war.

對他來說，關稅不僅是收入的問題，而且是為衝突甚至戰爭時期的經濟準備策略。

These measures are actually symptoms of five structural forces that are reshaping the world order.

這些措施實際上是重塑世界秩序的五種結構力的症狀。

According to Dalio, these forces are:

根據達利奧（Dalio）的說法，這些力量是：

1. Collapsing monetary and economic order: The current system, based on growing debt and imbalances between debtors (like the U.S.) and creditors (like China), is becoming unsustainable.

1。貨幣和經濟秩序崩潰：基於債務人（例如美國）和債權人（如中國）之間不斷增長的債務和失衡的當前系統正在變得不可持續。

Deglobalization will require international trade and finance models to change radically.

deglobalization將需要國際貿易和金融模式進行根本性變化。

2. Crisis of internal political order: Inequalities in income, opportunities and values ​​are polarizing societies and undermining democracies. This creates space for the emergence of autocratic leaders in an increasingly unstable political environment.

2。內部政治秩序的危機：收入，機會和價值觀的不平等現像是使社會兩極分化和破壞民主國家。這為獨裁領導人在越來越不穩定的政治環境中的出現創造了空間。

3. End of US-led geopolitical order: The era of American unipolar dominance is giving way to a new reality marked by commercial, technological and military disputes. Multilateralism is being replaced by a logic of force and national interests.

3.美國領導的地緣政治秩序的結束：美國單極統治的時代正讓位於以商業，技術和軍事爭端為標誌的新現實。多邊主義正在被武力和國家利益的邏輯所取代。

4. Most disruptive natural events: Phenomena such as pandemics, droughts and floods are gaining weight in global dynamics, worsening economic and political challenges.

4。最具破壞性的自然事件：諸如大流行，乾旱和洪水之類的現象正在增加全球動態，加劇經濟和政治挑戰。

5. Accelerated technological advancement: Technologies such as artificial intelligence directly affect the economy, geopolitics and the way countries react to environmental and financial crises.

5。加速技術進步：人工智能等技術直接影響經濟，地緣政治以及國家對環境和金融危機的反應方式。

For Dalio, these factors are interconnected and are part of a great historical cycle, which has repeated itself several times in the past — usually with outcomes such as depressions, civil wars and global conflicts.

對於達利奧（Dalio）而言，這些因素是相互聯繫的，並且是一個偉大的歷史週期的一部分，過去已經多次重複了自己的成果 - 通常會帶來抑鬱症，內戰和全球衝突等結果。

He reinforces that excessive focus on the headlines of the moment — such as Trump's tariffs — can divert attention from what really matters: the profound change in the structures that sustain the current world.

他強調了對當下的頭條新聞的過度關注（例如特朗普的關稅）可以將注意力從真正重要的事情轉移出來：維持當前世界的結構的深刻變化。