PANews reported on February 3 that the Trump administration's first round of trade policies has caused sharp fluctuations in global markets. The Treasury yield curve has flattened in a bear market - the 2-year yield has risen while the 10-year yield has fallen, indicating market concerns about short-term inflation and the long-term risks of the trade war to global economic growth. The widening spread between New York and London gold prices not only reflects the unwinding of popular EFP carry trades, but also suggests that gold transfers between different vaults may face logistical challenges, reminding the market of the uncertainty that the scope of tariffs may be further expanded.

The cryptocurrency market sold off drastically. As a risk indicator before the opening of the US market, the cryptocurrency market saw nearly $2 billion in liquidations, with ETH falling more than BTC. Analysts believe that today's risk aversion is mainly driven by cross-asset portfolio rebalancing rather than single asset events. It is expected that market volatility will continue before Trump's negotiations with Canada and Mexico and the EU tariff policy are implemented.