As the world's largest economy, the judicial ruling on the United States' tariff policies could trigger far-reaching global ripple effects beyond expectations. Once tariffs are deemed illegal, the tariffs imposed by the US on multiple countries will immediately become invalid, which not only undermines its influence in international trade but also disrupts previous trade negotiation dynamics based on tariff threats. Major trading partners such as the EU and Canada may seize the opportunity to renegotiate for more favorable terms.

For emerging markets, this double-edged sword presents both opportunities and traps. In the short term, tariff reductions can indeed alleviate some countries' export pressures, especially those economies heavily reliant on exports to the US. However, the issue is that the US may not abandon trade protectionism and could turn to more covert and targeted legal measures to reimpose tariffs. By then, trade barriers will become more complex and unpredictable.

More notably, the divergence in global central bank policies is intensifying. The European Central Bank is gradually ending its rate-cut cycle, while the Bank of Japan cautiously advances with rate hikes. The uncertainty surrounding US tariff policies will undoubtedly amplify this divergence. Such policy misalignments will inevitably drive volatile cross-border capital flows, sharply increasing exchange rate management pressures in emerging markets. As representatives of risk assets, cryptocurrencies like BTC and ETH will also see increased volatility, requiring close attention to shifts in capital flows. It is especially important to develop hedging strategies for capital movements during this period.