關稅和特朗普政府激發了貿易緊張局勢

唐納德·特朗普（Donald Trump）在擔任總統的前三個月，通過宣布對加拿大，墨西哥和中國的關稅來激發貿易緊張局勢

In the first three months of his presidency, Donald Trump has ignited trade tensions by announcing tariffs on Canada, Mexico, and China and the result has been unexpected turmoil in US and global markets.

唐納德·特朗普（Donald Trump）在擔任總統的前三個月，通過宣布對加拿大，墨西哥和中國的關稅來激發貿易緊張局勢，結果在美國和全球市場中是意外的動盪。

The fallout from the tariffs has been relatively swift, and the impact has been felt across the crypto market. As of March 8, the US president had backed away from some plans to impose tariffs on certain Mexican and Canadian goods—another twist in the rollercoaster of US trade policy that continues to shake markets.

關稅的後果相對較快，並且在加密貨幣市場中感受到了影響。截至3月8日，美國總統已經退出了一些計劃，以對某些墨西哥和加拿大商品徵收關稅，這是美國貿易政策過山車的另一種扭曲，該政策仍在繼續動搖市場。

Singapore crypto trading firm QCP Capital said in a note. “This week’s crypto markets have been nothing less than a roller coaster ride. With macro conditions in flux, crypto remains tightly linked to equities, with price action reflecting broader economic shifts.”

新加坡加密貨幣公司QCP Capital在一份報告中說。 “本週的加密市場無非是過山車。隨著宏觀條件的通量，加密貨幣仍然與股票緊密相關，價格行動反映了更廣泛的經濟轉變。”

The wild swings underscore the volatility ahead for cryptocurrencies—often seen as high-risk assets—as the Trump administration tests the limits of economic and foreign policy and serves as a cautionary tale as uncertainty pervades markets.

特朗普政府測試了經濟和外交政策的局限性，強調了加密貨幣（通常被視為高風險資產）的波動率，這是不確定性的範圍。

In a post on X, former US Treasury Secretary Lawrence Summers said that […] tariff policy has already taken $2 trillion off the value of the US stock market,” and Summers suggested that these measures were “ill-conceived” and that they would undermine US competitiveness.

在X上的一篇文章中，美國前財政部長勞倫斯·薩默斯（Lawrence Summers）表示，[…]關稅政策已經從美國股票市場的價值中奪走了200萬億美元，”薩默斯（Summers）建議這些措施是“構想不良的”，他們將破壞美國的競爭力。

Volatility index (VIX) price action. Source: Yahoo! Finance.

波動率指數（VIX）價格動作。資料來源：Yahoo！金融。

While tariffs and Trump’s market-moving policy announcements may create a sense of impending doom, their impact on the future of the crypto sector remains in question. If a trade war weakens the US dollar through inflation, Bitcoin could actually benefit, says Eugene Epstein, head of trading and structured products at Moneycorp. Investors fleeing depreciating fiat currencies may turn to crypto, and if tariff-hit nations devalue their currencies in response, Bitcoin could serve as a vehicle for capital flight.

雖然關稅和特朗普的營銷政策公告可能會產生一種即將來臨的厄運感，但它們對加密貨幣部門未來的影響仍然存在。 MoneyCorp貿易和結構化產品負責人Eugene Epstein說，如果一場貿易戰通過通貨膨脹削弱了美元，比特幣實際上可以受益。逃離法定貨幣的投資者可能會轉向加密貨幣，如果關稅遭到貨幣貶低其貨幣，比特幣可以作為資本飛行的工具。

Unlike traditional markets, Bitcoin trades 24/7 and reacts instantly to macroeconomic shifts, making it highly vulnerable to risk-off sentiment. “Sentiment-wise, the primary drivers of crypto will continue to be the status of a federal crypto reserve as well as overall risk sentiment. If US equities continue falling it is hard to envision a strong crypto market, at least in the

與傳統市場不同，比特幣交易24/7，並立即對宏觀經濟轉變做出反應，使其非常容易受到風險情緒的影響。 “從情感上講，加密貨幣的主要驅動力將繼續是聯邦加密保護區的地位以及整體風險情緒。如果美國股票繼續下降，很難設想一個強大的加密市場，至少在

Many in the crypto community expected Trump’s return to the White House would send Bitcoin soaring, and initially, it did—rising from $69,374 on Election Day to a record $108,786 by Inauguration Day. But since then, BTC has tumbled, dropping below $80,000 by late February and again in March. The price weakness comes despite the administration’s pro-crypto stance, including plans for a strategic crypto reserve and market-structure reforms.

加密貨幣社區中的許多人預計特朗普返回白宮的許多人會散發比特幣，最初，它確實從選舉日的69,374美元增加到了創紀錄的108,786美元。但是從那以後，BTC跌倒了，2月下旬和3月再次下跌80,000美元。儘管政府的親克賴特托立場，包括戰略性加密儲備和市場結構改革的計劃。

Cumulative flows into Bitcoin Spot ETFs reached record highs following Trump’s victory, with investors pouring over $10 billion into these instruments in the aftermath of the election, according to data by Farside Investors. However, growing concerns over a potential tariff war seem to have taken a toll on market sentiment and, by extension, on cryptocurrencies.

根據Farside Investors的數據，累積流入比特幣現場ETF達到了創紀錄的Highs，在選舉後，投資者在選舉後投入了100億美元的資金。但是，人們對潛在的關稅戰爭的越來越關注似乎對市場情緒造成了損失，並擴大了加密貨幣。

Since early February, Bitcoin ETFs have seen significant outflows as uncertainty looms over the broader economic landscape. At the same time, safe haven assets like gold, have actually responded positively amid the tariff war.

自2月初以來，比特幣ETF看到了大量的流出，因為不確定性在更廣泛的經濟景觀上隱約可見。同時，在關稅戰爭中，諸如黃金之類的避風港資產實際上做出了積極的反應。

Spot Bitcoin ETF flows. Source: Farside Investors.

斑點比特幣ETF流。資料來源：Farside Investors。

This isn’t the first time President Trump has wielded tariff threats as a bargaining chip and some traders believe the market will adjust to focus on fundamentals over the blunt use of tariffs as a way to force policy changes among US allies.

這並不是特朗普總統第一次施加關稅威脅，作為討價還價的籌碼，一些交易者認為，市場將適應關注基本面，以鈍化關稅作為迫使美國盟友之間的政策變化的一種方式。

That’s why some traders in the industry choose to not base their strategies solely on tariffs. For Bob Walden, head of Trading at Abra, tariffs are “just a headline” that influences short-term investor sentiment but doesn’t alter the market’s fundamental conditions.

這就是為什麼行業中一些交易者選擇不僅僅基於關稅的策略的原因。對於ABRA貿易負責人鮑勃·沃爾登（Bob Walden）來說，關稅只是影響短期投資者情緒但不會改變市場基本條件的“頭條新聞”。

Related: 3 reasons why Bitcoin sells off on Trump tariff news

相關：比特幣在特朗普關稅新聞上售出的3個原因

According to him, Trump’s fiscal austerity program is having a bigger impact on crypto markets than tariffs do.

據他介紹，特朗普的財政緊縮計劃對加密貨幣市場產生的影響比關稅更大。

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

本文是出於一般信息目的，不打算被視為法律或投資建議。這裡表達的觀點，思想和觀點是作者獨自一人，不一定反映或代表Cointelegraph的觀點和觀點。