According to a report on the BNAmericas website, business leaders from Brazil and the US have called for enhanced cooperation between the two countries in critical minerals to address escalating global trade conflicts. The US Chamber of Commerce for Brazil, Amcham Brasil, and the US Chamber of Commerce (USCC) jointly proposed a series of recommendations to deepen cooperation between Brazil and the US, with a focus on strengthening the supply chains for critical minerals and rare earths. The document was submitted to the governments of both countries during a visit to Brazil by a US business innovation delegation, which was led by entities from both countries and held events in Brasilia and Sao Paulo from June 3 to 6. "Critical minerals are the foundation of the global economy and will become even more important in the future. The US and Brazil must strengthen their partnership to jointly ensure a secure and responsible supply chain for critical minerals. Our proposal is mutually beneficial for both countries and will help drive innovation and growth," said Marty Durbin, the USCC's Executive Vice President for Policy, who led the USCC's delegation to Brazil. "Through strategic and pragmatic initiatives, this proposal offers us an opportunity to tap into the potential of both countries," he added. The proposal, developed through long-term bilateral dialogue between the two organizations, outlines five key initiatives: ◎Action Plan for Strategic Minerals Dialogue; ◎Joint Geological Mapping; ◎Provision of Financing and Guarantees; ◎Mineral Processing Technology and Commercial Partnerships; ◎Promotion of Community Engagement and Best Practices for Sustainable Development. These recommendations from business leaders of both countries come at a time when the global trade war initiated by the US government has exposed the vulnerabilities of international supply chains, particularly those related to critical minerals. Brazil's proposal also comes at a time when specific industries, such as aluminum and steel, have expressed strong dissatisfaction with the US government's decision to raise tariffs on these products.

Jamie Dimon, CEO of JPMorgan Chase, recently stated that the impact of the US government's previous measures to boost the economy has waned, and the US economy may face some difficulties in the coming months, urging businesses and investors to prepare accordingly. At a conference on Tuesday, Dimon pointed out, "I think real economic data may soon deteriorate." Despite survey data showing a decline in consumer and business leader confidence in the face of the Trump administration's tariff policies, total employment and consumer spending in the US continue to grow. Dimon downplayed the significance of the survey data, stating that "consumers and businesses have never accurately judged economic turning points," but he also noted that the future process of a "soft landing" for the economy may not be smooth. "Employment will decline slightly, and inflation will rise slightly—hopefully just slightly," he added, mentioning that the decrease in immigration is another complicating factor. In recent days, large-scale protests against Trump's immigration policies have continued to spread across multiple US cities, with Trump having dispatched National Guard and Marine Corps troops to quell the unrest. However, the situation has not improved but has instead escalated. Additionally, data released by the US Department of Labor on Wednesday showed that the full impact of Trump's across-the-board tariff hikes has yet to be fully realized, with US CPI inflation in May falling short of expectations across the board. In fact, Dimon has maintained a cautious or negative outlook on the economic prospects in recent times, and his comments on Tuesday were not particularly pessimistic compared to his previous remarks. At the end of last month, Dimon stated that after the US government and the US Fed's "massive overspending" and quantitative easing, the US bond market would "collapse" under the weight. He called on the Trump administration to steer the US onto a more sustainable path. Dimon pointed out on Tuesday that if Trump sticks to his initial tariff plans, he expects the US economy to enter a recession, but the situation appears better than anticipated. He believes that Trump's tariff policies have already begun to have a negative impact on the economy, although these effects are just beginning to emerge. He mentioned that many individuals and businesses had previously purchased a lot in advance to avoid tariffs, but this was only temporary, and such advance purchases have now ended. Dimon also warned about the private credit sector, which has become a booming business on Wall Street and is considered a potential area of concern during economic downturns. The CEO explained that the risks of private credit are different for banks and investors—banks are responsible for arranging these transactions and then removing them from their books, while investors hope to achieve long-term returns from this asset class. "If I were a fund manager, would I think it's a good time to buy credit assets? No. I wouldn't buy these assets at these prices and spreads today."

On May 20, Kim Seong-beom, Executive Director of Daesung Corporation in South Korea, visited Luoyang Copper Processing Co., Ltd. to conduct a survey and exchange views on deepening cooperation in the copper processing sector. Cao Qiwen, Secretary of the Party Committee, Chairman, and General Manager of Luoyang Copper Processing, Deputy General Manager Zhao Jing, and relevant business leaders participated in the discussion. Both sides engaged in in-depth discussions on topics such as collaborative enterprise development, technological innovation, and market cooperation. Daesung Corporation's business covers basic materials, high-end manufacturing, and emerging technology sectors, enhancing its global competitiveness through technological R&D and international cooperation. During the discussion, Cao Qiwen welcomed Kim Seong-beom and his delegation and provided a detailed introduction to Luoyang Copper Processing's historical evolution, industrial layout, technological advantages, and core products. He hoped that both sides would take this exchange as an opportunity to deepen cooperation with Daesung Corporation in technological R&D, industry chain collaboration, and international market expansion, jointly promoting industry development. Kim Seong-beom introduced Daesung Corporation's business areas and development strategies. He stated that Daesung has long focused on the application of high-end materials and has established stable cooperative relationships with many renowned global enterprises. Luoyang Copper Processing's strengths in technological R&D and manufacturing were impressive, and there was broad potential for cooperation between the two sides. He looked forward to further integrating resources to achieve mutual benefits and win-win results in areas such as material supply, technological exchange, and market sharing in the future. During the visit, Kim Seong-beom and his delegation toured Luoyang Copper Processing's product exhibition hall and production site, giving high praise to the company's advanced technological level, strict quality control, and green production philosophy. This survey not only deepened mutual trust between the two sides but also injected new momentum into cooperation between Chinese and South Korean enterprises in the copper processing sector. In the future, both sides will further strengthen communication, refine cooperation plans, and jointly write a new chapter in international development.

[Haima Automobile and UAE's BDG Investment Group Sign MOU on Automobile Export Cooperation] On May 19, the "2025 China Hainan Free Trade Port - UAE Promotion Conference" was held in Dubai, with over 250 participants including high-level officials from the governments and free trade zones of the UAE and Hainan, business leaders, and media representatives. Haima Automobile and UAE's BDG Investment Group signed a memorandum of understanding (MOU) on automobile export cooperation. The two sides will jointly explore in-depth cooperation in the UAE, encompassing the export, sales, after-sales service, and technical cooperation of complete vehicle products, with a particular focus on promoting the establishment of Haima Automobile's zero-carbon emission automobile ecosystem across the entire industry chain in the Middle East. It is reported that the first batch of car models for cooperation between Haima Automobile and BDG Investment Group will include the well-tested Haima 7X, Haima 8S, and Haima 7X-E products, which are capable of adapting to the climatic characteristics of the Middle East.

[Gotion High-tech Announces Construction Completion of Pilot Line for All-Solid-State Batteries] At the Gotion High-tech Global Technology Conference held on May 17, Gotion High-tech announced the construction completion of a pilot line for all-solid-state batteries, with a designed capacity of 0.2 GWh. The line was 100% independently developed, with a 100% localization rate for core equipment, and boasts over 30 patent applications. According to the on-site introduction by the business leader, the pilot sample parameters indicate a battery cell energy density of 350 Wh/kg and a single cell capacity of 70 Ah. Loading tests have already commenced. [CPCA's Cui Dongshu: China's Power Battery Installations Reached 54.1 GWh in April, Up 52.8% YoY] Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), released an analysis of the new energy vehicle lithium battery market in April. In April, China's power battery installations reached 54.1 GWh, down 4.3% MoM and up 52.8% YoY. Among them, ternary battery installations were 9.3 GWh, accounting for 17.2% of total installations, down 7.0% MoM and 6.3% YoY. LFP battery installations were 44.8 GWh, accounting for 82.8% of total installations, down 3.8% MoM and up 75.9% YoY. From January to April, China's cumulative power battery installations reached 184.3 GWh, up 52.8% YoY. Among them, cumulative ternary battery installations were 34.3 GWh, accounting for 18.6% of total installations, down 15.9% YoY. Cumulative LFP battery installations were 150.0 GWh, accounting for 81.4% of total installations, up 88.0% YoY. (Financial Associated Press) [CATL and Honda China to Further Upgrade Cooperation in LFP Batteries and Other Areas] Honda R&D Co., Ltd. (China) and Contemporary Amperex Technology Co., Limited (CATL) officially signed a memorandum of understanding to deepen cooperation. The two parties will further upgrade cooperation in areas such as LFP batteries, CTB (Cell to Body) integration technology, supply chain optimization, and R&D of 12V and hybrid batteries, to promote the upgrading of the new energy vehicle industry. In the future, the two parties will continue to explore new business cooperation models. (Financial Associated Press) [Former Polish Prime Minister: Chinese EVs May Replace Tesla in the European Market] Former Polish Prime Minister Marek Belka stated that China has now become a manufacturer and exporter of technology. Therefore, China needs to protect intellectual property rights, technology, and knowledge transfer, which requires negotiation and consensus. He pointed out that European companies hope to gain greater access to the Chinese market, and China is also interested in discussing this. Belka also mentioned that Europe has recently discussed extensively the issue of Chinese electric vehicles entering the European market. In the European market, Chinese electric vehicles are likely to replace Tesla's position. Since Tesla is not a European company, there are actually no major issues. In the short term, Europe should strive to diversify its markets, as diversified markets will foster better development. [Japan considers subsidizing Tesla charging stations in US tariff negotiations] Japan is contemplating a plan to provide subsidies for the construction of Tesla EV charging stations during tariff negotiations with the US. Currently, the Japanese government only offers subsidies for the installation of charging stations adhering to Japan's CHAdeMO standard, excluding Tesla's Superchargers. TBS reported that the US Trade Representative has expressed concerns over this issue and has requested improvements. (Eastmoney) [Are Canada's retaliatory tariffs on the US "close to zero" after exemptions? Canadian finance minister clarifies: 70% of retaliatory tariffs remain in effect] On May 17, Canadian Finance Minister Chrystia Freeland stated on social media platform X that 70% of the 25% retaliatory tariffs previously imposed by Canada on billions of US dollars' worth of US goods remain in effect. She indicated that the Canadian government had "publicly and temporarily suspended tariffs on certain goods" for health and public safety reasons. Freeland's statement was in response to an Oxford Economics report cited by the Conservative Party of Canada. The report stated that after announcing retaliatory tariff measures against the US, the Canadian government granted a six-month tariff exemption for products used in the country's manufacturing, processing, food and beverage packaging industries, as well as items related to healthcare, public safety, and national security. Additionally, automakers also received preferential treatment, with companies like General Motors operating in Canada being allowed to import a certain quantity of vehicles tariff-free. The report pointed out that these exemptions meant that Canada's new tariff rates on the US were "almost zero." (Eastmoney) Related Reading: Driven by multiple positive factors! The auto parts sector surges with a wave of "limit-up" rallies, with over 12 stocks hitting their daily limits! [Hot Stock] Refined cobalt quotes slightly recover, while Co3O4 prices continue to decline. The market awaits the aftermath of the June DRC ban. [Weekly Observation] [SMM Industry Insights] Global cobalt industry chain changes and Chinese market outlook following the DRC's cobalt export ban - Key points from Wang Cong's speech, General Manager of SMM Industry Research Temporary tariff suspension spurs lithium carbonate futures to rise over 3%. Can the expectation of a rush in exports make lithium carbonate "stand up"? [SMM Flash News] Retail sales of passenger vehicles in April hit a nearly decade-high growth rate, with auto production and sales exceeding 10 million units in the first four months! [SMM Special Report] [SMM Analysis] Impact of US tariff adjustments on China's new energy end-users following the "Geneva Talks" [SMM Analysis] 2025 Shanghai Auto Show: Intelligence, Luxury, Electrification [SMM Analysis] Sibanye Stillwater's Finnish lithium mine project sees a 17% cost surge, but the 2026 commissioning plan remains unchanged Lithium carbonate prices fell over 25% YoY in Q1, with miners' performances varying widely. When will lithium prices rise? [SMM Special Report] [SMM Analysis] In April 2025, SMM's total domestic lithium carbonate production fell 7% MoM but rose 40% YoY Yanhu Stock's net profit in Q1 surged over 22% YoY, aiming to achieve an annual lithium chemicals production capacity of 200,000 mt by 2030 On the first day back from the holiday, the auto parts sector surges with a wave of "limit-up" rallies. Jingjin Electric hits three consecutive daily limits, indicating a positive market performance during the holiday. [Hot Stock] [SMM Analysis] Spot prices of refined cobalt strengthen [SMM Analysis] Spot prices of cobalt intermediate products rise [SMM Analysis] The economic viability of refined cobalt production declines, with April's refined cobalt production falling MoM [SMM Analysis] Lithium hydroxide production in April remained stable but slightly weak MoM, with May's production expected to be basically flat [SMM Analysis] The production of ternary cathode precursors in April rose 0.36% MoM [SMM Analysis] The production of ternary cathode materials in April rose 7.38% MoM

Against the backdrop of tariff easing, cargo owners' shipping demand increased, leading to an undersupply in the US-route container shipping market in the short term and a significant rise in freight rates. A Caixin reporter recently interviewed several port and shipping industry insiders and learned that the booking volumes of liner companies have increased compared to before, but it will still take some time to adjust capacity. On the port side, some port areas reported that cargo volumes had declined by approximately 30-40% due to the impact of tariffs earlier, and a noticeable increase in cargo volumes is expected to emerge in 1-2 weeks. "From May 12th to the present, the number of customers inquiring about US-route shipping space through YunQuNa is expected to have nearly doubled compared to before May 12th," Lei Lei (pseudonym), a US-route shipping management expert at international logistics service provider YunQuNa, told a Caixin reporter. An insider from an international liner company also told a Caixin reporter that currently, due to tariff easing, the company's US-route booking volumes have increased. Despite the increase in inquiries and booking volumes, capacity has not yet recovered. Regarding the current situation of overbooking in the market, an insider from a port area in east China believes that the main reason is still the limited shipping space, caused by the liner companies' earlier capacity adjustments and voyage schedule changes. Another relevant business leader from a publicly listed port company in south China disclosed to a Caixin reporter that currently, in their port area, shipping companies have gradually redirected capacity that was previously withdrawn from the US route to other destinations such as the Middle East and the Mediterranean back to the US route. "In fact, under the impact of tariffs earlier, our company did not cancel any US-route services, but we did reduce capacity (for example, by using smaller vessels). For the current level of US-route cargo volumes to recover, the market still needs some time to 'digest' it. For instance, it takes a certain amount of time from when a customer decides to place an order to when the shipping company receives the booking, and it also takes time for the shipping company to reallocate capacity," the aforementioned international liner company insider further explained. Based on this, several port insiders told a Caixin reporter that it will take 1-2 weeks for noticeable changes in port cargo volumes to emerge. The market reaction at the container truck level will also not be so swift. Wang Wentao, founder of Shanghai Vulture Network Information Technology Co., Ltd. and ALUCK, also explained to a Caixin reporter that the container truck segment comes after freight forwarders make bookings. Currently, the data on their platform does not reflect an increase, and it is expected that order volumes will only be reflected in container truck fleets next week. "This is mainly because even for customers who placed orders and made bookings on May 12th, they still have to wait a week for customs declaration, clearance, and other procedures to be completed before they can ship their cargo," Lei Lei analyzed. He added that for cargo volumes to return to normal levels, it is expected to take at least 1-2 months to digest the backlog of shipping demand that had accumulated due to the impact of tariffs earlier. However, Cailian Press reporters also noticed that due to insufficient shipping capacity and market undersupply, market freight rates have undergone significant changes. Data provided by Jiyu Technology today showed that the number of sailings from Shanghai to the ports of Long Beach and Los Angeles that can be queried has increased significantly, from 12 sailings yesterday to 27. As of today, Maersk's quote for the sailing departing on May 26 is $3,035/FEU, an increase of $1,015/FEU from yesterday's quote of $2,020/FEU. The quotes from ONE and MSC remain unchanged from yesterday. CMA CGM's freight rates for sailings departing from May 18 to June 3 have risen from $3,646/FEU-$3,846/FEU yesterday to $4,546/FEU. Hapag-Lloyd's quote for sailings departing in June has even reached $9,013/FEU. Regarding the trend of the container shipping market for the entire year, a source from another major liner company told Cailian Press reporters that, based on the current situation, there are still many uncertainties in the market's development this year, and the current situation tends to be cautiously optimistic.

On April 21, Faraday Future (FF) announced that its representatives recently participated in a business leaders' roundtable meeting held at the White House in Washington, D.C., offering constructive proposals on key issues such as manufacturing and innovation. FF stated that it, along with FX, looks forward to closely collaborating with the White House in the near future to jointly promote the long-term prosperity of the US high-end manufacturing sector, centered around the automotive industry and its ecosystem. (Gasgoo)

In recent days, as US President Trump intensified his attacks on Fed Chairman Powell, the issue of the US Fed's independence has once again come under scrutiny. On Sunday local time, Chicago Fed President Goolsbee expressed his views on the issue in a program. He stated, he hopes the US Fed can maintain its monetary policy independence, as it is crucial to the central bank's credibility. "Economists almost unanimously agree that monetary policy should not be subject to political interference, and it is vital that the US Fed or any central bank can do the work it needs to do," Goolsbee said. "I strongly hope we do not find ourselves in a situation where monetary independence is questioned. Because that... would damage the US Fed's credibility." Before Goolsbee made these remarks, Trump recently repeatedly urged Powell to cut interest rates to alleviate the economic pressure caused by his tariff measures. He also threatened again to fire Powell, sparking widespread controversy. After Powell warned that tariffs could lead to stagflation, Trump harshly criticized Powell last week, saying he is always "late and wrong," and stated that "the sooner he leaves, the better." He also said, "If I want him to leave, believe me, he will leave very soon. I am not satisfied with him." Powell was nominated by Trump as Fed Chairman in 2017, and his term will not end until next year. White House National Economic Council Director Hassett confirmed last Friday that Trump and his team are studying whether they can fire Powell. The Impact of Tariffs on the Economy Goolsbee also discussed the impact of Trump's tariffs on the economy on Sunday. He pointed out that the "reciprocal tariffs" announced by Trump on April 2—later most tariffs were granted a 90-day suspension— exceeded the expectations of business leaders, who are concerned that tariffs "will have a considerable impact on their operations." He stated, as businesses and consumers seek to stock up before Trump administration tariffs take effect, US economic activity may be "artificially inflated" this summer, then decline. He said, "This preemptive purchasing behavior may be more pronounced on the corporate side," and specifically mentioned the automotive industry's stockpiling of imported parts. Trump is confident that the US will successfully reach agreements with many countries during the 90-day suspension period. But Goolsbee expressed a cautious view on this. "There are still many question marks," Goolsbee said. "We do not know how high the tariffs will be when they revisit the tariff issue after 90 days."

According to a survey released by the industry organization Chief Executive on Monday, April 14, an increasing number of US executives expect the US economy to fall into a recession in the near future. Among the more than 300 CEOs surveyed in April, 62% anticipate a recession or other economic downturn in the next six months, up from 48% in the March survey. (Source: Chief Executive) About three-quarters of the surveyed CEOs said tariffs will harm their businesses in 2025, while approximately two-thirds stated they do not support the taxes proposed by Trump. These data underscore the growing concerns within the US business community about the future of the US economy, as President Donald Trump's intermittent tariff policies have exacerbated financial market volatility and triggered panic among some consumers. CEOs Are Anxious About the Economy The monthly survey also included several other data points, such as executives' views on current business conditions and their outlook for business conditions a year from now. According to an index measuring CEOs' views on current business conditions, the index continued to decline by 9% in April after plummeting 20% in March, reaching its lowest level since the initial months of the COVID-19 pandemic in 2020. When predicting business conditions a year from now, CEOs' views remained largely unchanged from March. Nevertheless, these figures are the lowest since the end of 2012, down by approximately 29% compared to the end of 2024. The survey also found that over 80% of CEOs expect their companies' costs to surge this year as the US government negotiates import taxes with other countries, with about half anticipating double-digit percentage increases in their expenditures. In this context, only 37% of respondents expressed confidence that their companies' profits would increase, a significant drop from 76% in January. As the above survey data were released, US business leaders have begun to issue warning signals about the future of the US economy. JPMorgan Chase CEO Jamie Dimon stated last week that he expects earnings expectations for S&P 500 companies to decline due to the uncertainty surrounding Trump's taxes. On the same day, BlackRock CEO Larry Fink warned that the US economy may have weakened to the point of negative growth.

When the Nasdaq fell 10% and 20% from its highs, Trump, who maintained a stance of aggressive tariff policies, seemed to "not even blink." However, after US bonds faced intense selling this week, Trump "lightning-fast" suspended the "reciprocal tariffs" on most countries before the sun set on April 9, the "Reciprocal Tariff Day"... This inevitably made many industry insiders curious: Was the US government's tariff suspension largely to "save US bonds"? It is reported that US President Trump said on social media on the 9th local time, "Given that more than 75 countries have called US representative agencies to negotiate solutions on issues related to trade, trade barriers, tariffs, currency manipulation, and non-monetary tariffs, I have approved a 90-day suspension for these countries, which applies to reciprocal tariffs. During this period, general tariffs will be reduced to 10%, and the suspension takes effect immediately." After Trump's major shift in tariff policy, the S&P 500 index recorded its largest gain since 2008 overnight, and the Nasdaq surged more than 12% in a single day. At the same time, US bond prices generally halted their decline during the Asian session on Wednesday. The yield on the 10-year US Treasury narrowed its gain to 12.6 basis points, closing at 4.386%. Earlier, it had reached 4.515%, the highest since February 20. The yield on the 30-year US Treasury also narrowed its gain to 6.1 basis points, closing at 4.776%, after hitting a high of 5.023% during the day, the highest since November 2023. As previously reported by Caixin, the epic sell-off in the US bond market reached an extremely dangerous moment during the Asian session on Wednesday. The yield on the 30-year US Treasury rose 56 basis points in less than three trading sessions—the last time yields rose this much in three days was on January 7, 1982. Nomura interest rate trader Ryan Plantz even warned in an internal memo, "In the Treasury space, swap spreads and basis trades are melting. The US Treasury market is experiencing unprecedented large-scale unwinding, and a liquidity vacuum has formed." Famous economist Peter Schiff even claimed that if the US Fed did not take emergency "rate cuts + QE" on Wednesday, a stock market crash similar to the "Black Monday" of 1987 could recur. However, in the end, although people did not get the "Powell put" on Wednesday, they unexpectedly received a "Trump put"—the "King of Understanding" finally made concessions on reciprocal tariffs... Trump and Besant faced a "soul-searching question" So, did the US government really suspend tariffs to "save US bonds"? Interestingly, both Trump and US Treasury Secretary Besant were asked about this topic last night... On Trump's side, when a reporter asked, "Did the bond market convince you to make the (tariff) reversal?" Trump said, "The bond market is very tricky, I've been watching it. But if you look at it now, it's beautiful. I felt a bit sick last night. You have to be flexible to get things done." Clearly, Trump seemed to tacitly acknowledge that US bond volatility had become one of the factors in his decision-making changes. However, US Treasury Secretary Besant denied any connection between US bond volatility and the tariff suspension last night. Besant was also asked at the White House—did the shocking rise in US bond yields, which raised concerns about a liquidity crisis and questions about whether US Treasuries were losing their safe-haven status, prompt Trump to make some concessions? Besant pointed out, "This was driven by the president's strategy. He and I had a long talk on Sunday, this has always been his strategy." Earlier in the day, Besant also downplayed the potential impact of US bond turmoil. He said that the current turmoil in the US bond market is not systemic and expects the bond market to stabilize. "I don't think this is a systemic issue, I think the deleveraging happening in the bond market is a disturbing but normal process." What does Wall Street think? It is worth noting that some Wall Street figures do not agree with Besant's seemingly evasive statements. Allianz Group's chief economic advisor Mohamed El-Erian said on Wednesday, "Just an hour ago, people were debating what could convince the US government to choose some form of tariff suspension. Was it Congress, the president's advisors, business leaders, the judiciary, the market, or something else?" "We got the answer today: it was the government bond market—especially how close it came to the line between extreme price volatility and market failure." Former JPMorgan chief global strategist Marko Kolanovic also said, "The bond market collapse likely put the White House in a difficult position." "After the bond market collapsed, their entire narrative fell apart, their first excuse was, 'Well, this (tariff suspension) works for the bond market,' it was probably the bond market that forced them to do it." KLARITY FX managing director Amarjit Sahota pointed out, "Why today? I think almost everyone was discussing this morning what was going on with the US 10-year Treasury yield?" "Why did yields rise sharply? People were selling bonds, who exactly was selling these bonds? There was speculation about hedge fund sellers and foreign investors." "This might have been enough to scare the government into providing a tariff suspension." In addition, F/M Investment Company's chief investment officer Alex Morris also believes that it was the bond market that prompted the president to take action—it had already started signaling that the situation would continue to deteriorate. Market volatility was definitely a heavy blow... Stock trading is influenced by tweets, market sentiment, and concerns about foolish policies being introduced. But currently, liquidity is still sufficient, and the market structure remains sound. In fact, since officially taking office at the beginning of this year, the US Treasury under Besant's leadership has always placed far more importance on US bond volatility than on US stocks. As early as early February, when his nomination was just approved, Besant said that the Trump administration was more focused on the 10-year US Treasury yield than the US Fed's short-term benchmark rate in reducing borrowing costs. Whether it is the policy measures already implemented by the Trump administration, or many plans still under discussion or in the works, such as tariffs, DOGE, Bitcoin reserves, checking the treasury, immigration gold cards, the US sovereign wealth fund, the Mar-a-Lago agreement, etc., the ultimate goal seems to revolve around two words: "debt reduction"!