The market is not afraid of conflicts; it fears uncertainty.

It is worth noting that after the outbreak of the US-Europe tariff dispute, the market's first reaction was not widespread panic but increased volatility and sector differentiation. This indicates that funds are not fleeing risk but are reassessing uncertainty.
What truly troubles the market is not the tariff figures themselves but:
* Whether policy paths are inconsistent
* Whether negotiations may reverse
* Whether companies can price in advance
When rules are unclear, funds instinctively choose to wait or shift to assets with higher certainty. As a result, we see:
* Defensive sectors outperforming
* Companies with high export dependence under pressure
* Valuations of multinational supply chain companies being re-evaluated
This is not an emotional decline but a rational reweighting. For traders, understanding this is more important than simply judging rise or fall.
#欧美关税风波冲击市场