Here is the English translation of the text, with the specified terms retained as is: On the evening of March 3 (Beijing time), US President Donald Trump confirmed the imposition of tariffs on Canada and Mexico, taking reciprocal tariff action starting on April 2, dashing hopes of a last-minute deal with Canada and Mexico to avoid across-the-board tariffs. The Bitcoin, which had to digest the "Crypto Strategic Reserves" honey the previous day, plunged 8% in less than 48 hours. At the same time, the US stock market also suffered a tariff shock, experiencing a "Black Monday", with the Nasdaq index falling 2.6%. In just over a month since Trump took office, the crypto market capitalization has shrunk by 22%, and the Trump Media & Tech Group (DJT) has fallen by 34.75%. Even Musk, who has always been a staunch supporter of Trump, has not been spared, with Tesla's stock price falling 32.87% due to the "crude and brutal" actions in the DOGE sector and excessive involvement in international politics. Trump's words are tugging at the nerves of the crypto market, with a somewhat "success through adversity, failure through adversity" connotation. In 2025, the OKG Research will launch a special topic on "Trump Economics", and the author will continue to track the impact of the Trump 2.0 government on the crypto market. In the previous article "A New Wave of Liquidity is Coming, Can the Crypto Market Break Through to New Highs?", we pointed out that the market should focus on real liquidity (in the short term, TGA can be focused on) rather than market news and rhetoric, and stated that without real liquidity support, the foreign exchange rise driven by "talk without action" cannot be sustained. Furthermore, according to the latest official data from US investors, since February 28, the TGA account has stopped injecting liquidity into the market, resulting in a total injection of $304.89 billion into the market. Tariff policy, as the first major blow, is having a huge impact on the global risk market with "American attributes". Will the destructive policies be lifted? Both Trump 1.0 and 2.0 have a special fondness for it? This article, as the fifth part of the OKG Research 2025 special topic - "Trump Economics", will analyze the deeper implications of Trump's "left hand tariffs, right wing crypto" within the framework of the trade war. On the surface, Trump's tariff hikes are to reduce the trade deficit and boost employment and the economy. However, Trump 1.0's trade war and the global trade war triggered by tariffs before 1930 have shown that this is not a "good business". The US Congressional Budget Office (CBO) has stated that the trade war in 2018-2019 cost the US 0.3% of GDP, about $40 billion. Data from the Peterson Institute for International Economics shows that the 2018 aluminum tariffs alone cost the US manufacturing industry about 75,000 jobs. Furthermore, US companies have shifted production to countries like Vietnam and Mexico (Carney) in order to rebuild domestic inventories. Tariffs are just the beginning, as the Trump administration seeks to contain economic uncertainty and gain negotiating leverage. The essence of the trade war is not just about trade barriers, but the deep impact on the global financial system. From the foreign exchange market to the stock market, from global bond yields to asset risks, the capital market has not been spared. For the crypto market, as a participant in the global risk asset market sentiment, the market performance of crypto assets is not much different from the volatility of US tech stocks. Whether it is the 70% dependence of Bitcoin computing power on Nvidia GPU-driven miners, or the inclusion of crypto-related companies like Coinbase and MicroStrategy in the Nasdaq 100 index, US financial policies and regulatory safeguards have a further deepening impact on the crypto market. A month later, the turmoil in the US financial market is accelerating the loss of "national confidence". As the American economist and 2008 Nobel laureate Paul Krugman recently wrote in his blog, "Elon Musk and Donald Trump have been wantonly destructive on multiple fronts - including rapidly eroding America's influence in the world. America has suddenly redefined itself as a rogue state that reneges on commitments, threatens headquarters, tries to engage in mafia-style extortion, and undermines democratic elections." History tells us that when the national credit system begins to collapse, capital will not remain static, but will seek new channels of circulation. Recalling the last century, Japan's economic rise led to a trade imbalance with the US, leading to a trade predicament. The US believed that the appreciation of the yen through the "Plaza Accord" would severely cripple Japan's export-oriented economy and financial system, leading to the bursting of the asset bubble. As the traditional financial system collapsed, the market quickly sought alternative channels, giving rise to a black market economy - gold smuggling and offshore US dollar transactions flourished, and the foreign exchange market prospered. Translating this to the present, the Trump administration's announcement of establishing a national crypto asset reserve may be a "unconventional countermeasure in extraordinary times", rather than just financial innovation on the surface.

Here is the English translation:

There are two reasons for this: Faced with the crisis of confidence in the US dollar, the Federal Reserve's monetary policy is becoming extreme, and the US urgently needs new bargaining chips to maintain global capital trust. Crypto assets may be this "quasi-financial weapon": Once strategic-level reserves are mastered, the government will have greater operational space in global circulation; the market's "de-dollarization" trend is emerging. As the trade war escalates, all countries will inevitably accelerate the allocation of non-US dollar assets to hedge against the risks of the US dollar system. At the beginning of 2025, the rising gold price is evidence of this. In the context of accelerated "de-dollarization", if crypto assets can maintain true decentralization without being manipulated by a single country, they may gain new geopolitical premium in the global financial game.

The Trump 2.0 version reflects the increasingly prominent attitude of the US in the global economic system, and the Trump administration is trying to break the international political and financial system order since World War II. Compared to directly strengthening the credit of the US dollar and establishing crypto asset reserves, the government can provide more "indirect intervention" means in the market. With the continuous obstruction of crypto assets and technology, a new cross-border payment system may be formed in the future, and even a state-led crypto financial network may be formed in the future.

In the "Trump Biography", Trump's family origin is from Germany, and he is described as a "fighter", believing that passion is far more important than intelligence and talent. For him, the pleasure of "urgently" reaching a deal and defeating his opponent is his greatest motivation. However, in the trade war, "urgently" reaching a new deal and "defeating the opponent" will undoubtedly be the best conclusion for the Trump administration.