Why did the US stock market plummet and Hong Kong and South Korean stocks strengthen in the night trading today? It's worth talking about. My personal understanding: 1. In fact, this tariff is a domestic game of the United States. It's different from the tariff war in March and April of 25 years, when tariffs hit the world. Now we all know that Trump is hard to come up with a stronger brand than last year. The legal basis of the IEEPA Act is weak, but its coverage and effectiveness are much stronger than those of Articles 122, 232 and 301. So last year Trump first used this Act to open the way. Now the tariff of the IEEPA Act has been rejected, and Trump's new tariff rate is actually reduced. Beneficial for countries, especially China's exports. Now that Big A is closed, Hong Kong stocks are a side confirmation of Big A. Korean stocks also have a part of this logic This is also another manifestation of 'stability in the east and volatility in the west', and the greater the uncertainty, the more the market naturally needs to take risks. 2. Another logic of Korean stocks is that they are at a critical link in the AI semiconductor industry chain. Over the weekend, media reported that SK Hynix once again sent a strong signal during a Goldman Sachs conference call: "So customer demand cannot be met, and storage prices continue to rise. Equivalent to the strength of the industry outweighing macro uncertainty. 3. However, it does not mean that there is no impact. If the tariff continues to be uncertain (Articles 232 and 301 have been raised), if Trump really uses force against Iran and the duration is not short, the oil price in the Hormuz Strait accident continues to rise, it will eventually drag down Hong Kong shares and South Korean shares, and it is difficult to be independent of the United States. Just like the tariff war that began in the first quarter of 2025, the US stock market began to decline in late February. Hong Kong stocks and A-shares only started to decline in late March. The background at that time was that the tariffs began to appear in February, but they were not as strong as the intensity of the liberation day in 4.2. At that time, people paid more attention to the turbulence caused by the drastic layoffs of Musk's DOGE. It was not until late March that Trump's tariffs continued to increase that they began to reflect. Of course, the third point is that if there is a situation, it also depends on the subsequent development of the situation. This article is sponsored by @ bitget_zh, titled 'Bitget Buying US Stocks: Instant Entry, Smooth Trading'