Yesterday's announcements from the Ministry of Commerce and today's updates from the General Administration of Customs don't seem too aggressive—nothing like the escalation we saw in April. Early trading data for U.S. stocks looks good, and Asian investors don't seem to be reacting strongly to this round of tariffs. Pre-market for U.S. stocks is all in the green. It seems like the probability of TACO happening is quite high, at least that's the market's expectation. Haven't seen any statements from the Ministry of Foreign Affairs yet? If the Ministry of Foreign Affairs continues to stay silent, could it mean they're still assessing the situation or trying to avoid escalating the conflict? After all, the April case is still fresh in everyone's minds. If things stop here, and the window for a meeting between Trump and Xi Jinping isn't completely closed, Trump's decision to impose tariffs on November 1st might just be a pressure tactic. Personally, I still feel that if China doesn't roll out a new round of escalated countermeasures or take substantive action, it indicates that both sides are still willing to negotiate. This was hinted at in yesterday's remarks from Mnuchin and Trump. If China doesn't intensify its countermeasures, I personally think the impact of tariffs will be temporarily overlooked by risk markets. Of course, I could be wrong. Sponsored by Bitget ｜@Bitget_zh