关税和特朗普政府激发了贸易紧张局势

唐纳德·特朗普（Donald Trump）在担任总统的前三个月，通过宣布对加拿大，墨西哥和中国的关税来激发贸易紧张局势

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.

唐纳德·特朗普（Donald Trump）在担任总统的前三个月，通过宣布对加拿大，墨西哥和中国的关税来激发贸易紧张局势，结果在美国和全球市场中是意外的动荡。

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.

关税的后果相对较快，并且在加密货币市场中感受到了影响。截至3月8日，美国总统已经退出了一些计划，以对某些墨西哥和加拿大商品征收关税，这是美国贸易政策过山车的另一种扭曲，该政策仍在继续动摇市场。

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.”

新加坡加密货币公司QCP Capital在一份报告中说。 “本周的加密市场无非是过山车。随着宏观条件的通量，加密货币仍然与股票紧密相关，价格行动反映了更广泛的经济转变。”

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.

特朗普政府测试了经济和外交政策的局限性，强调了加密货币（通常被视为高风险资产）的波动率，这是不确定性的范围。

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，美国前财政部长劳伦斯·萨默斯（Lawrence Summers）表示，[…]关税政策已经从美国股票市场的价值中夺走了200万亿美元，”萨默斯（Summers）建议这些措施是“构想不良的”，他们将破坏美国的竞争力。

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

波动率指数（VIX）价格动作。资料来源：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.

虽然关税和特朗普的营销政策公告可能会产生一种即将来临的厄运感，但它们对加密货币部门未来的影响仍然存在。 MoneyCorp贸易和结构化产品负责人Eugene Epstein说，如果一场贸易战通过通货膨胀削弱了美元，比特币实际上可以受益。逃离法定货币的投资者可能会转向加密货币，如果关税遭到货币贬低其货币，比特币可以作为资本飞行的工具。

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

与传统市场不同，比特币交易24/7，并立即对宏观经济转变做出反应，使其非常容易受到风险情绪的影响。 “从情感上讲，加密货币的主要驱动力将继续是联邦加密保护区的地位以及整体风险情绪。如果美国股票继续下降，很难设想一个强大的加密市场，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.

加密货币社区中的许多人预计特朗普返回白宫的许多人会散发比特币，最初，它确实从选举日的69,374美元增加到了创纪录的108,786美元。但是从那以后，BTC跌倒了，2月下旬和3月再次下跌80,000美元。尽管政府的亲克赖特托立场，包括战略性加密储备和市场结构改革的计划。

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.

根据Farside Investors的数据，累积流入比特币现场ETF达到了创纪录的Highs，在选举后，投资者在选举后投入了100亿美元的资金。但是，人们对潜在的关税战争的越来越关注似乎对市场情绪造成了损失，并扩大了加密货币。

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月初以来，比特币ETF看到了大量的流出，因为不确定性在更广泛的经济景观上隐约可见。同时，在关税战争中，诸如黄金之类的避风港资产实际上做出了积极的反应。

Spot Bitcoin ETF flows. Source: Farside Investors.

斑点比特币ETF流。资料来源：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.

这并不是特朗普总统第一次施加关税威胁，作为讨价还价的筹码，一些交易者认为，市场将适应关注基本面，以钝化关税作为迫使美国盟友之间的政策变化的一种方式。

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.

这就是为什么行业中一些交易者选择不仅仅基于关税的策略的原因。对于ABRA贸易负责人鲍勃·沃尔登（Bob Walden）来说，关税只是影响短期投资者情绪但不会改变市场基本条件的“头条新闻”。

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

相关：比特币在特朗普关税新闻上售出的3个原因

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

据他介绍，特朗普的财政紧缩计划对加密货币市场产生的影响比关税更大。

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.

本文是出于一般信息目的，不打算被视为法律或投资建议。这里表达的观点，思想和观点是作者独自一人，不一定反映或代表Cointelegraph的观点和观点。