Trump changes his stance daily. The main purpose of launching a global tariff war this time is to implement a debt swap strategy, attempting to promote the issuance of interest-free century bonds to postpone short-term debt repayment pressure, while asking allies to increase their holdings of US debt under the pretext of sharing NATO military expenses.

Secondly, it aims to lower government bond yields, that is, by creating trade uncertainties to force capital to flow back to the U.S. Treasury market, thereby reducing U.S. bond yields and saving on bond interest.

The only certainty in the market currently is that in 2025, $9.2 trillion of U.S. debt will mature and need to be redeemed, with $6.5 trillion of U.S. debt maturing in June. Under the backdrop of the Federal Reserve maintaining high interest rates, the U.S. Treasury will need to pay over $300 billion in interest, leading to unprecedented fiscal pressure.

Therefore, it can be expected that Trump's tariff war will gradually become clearer by the end of June.

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