The trade friction between Europe and the United States is escalating. The new round of US tariff policies has triggered strong opposition from Europe, and the EU is considering implementing countermeasures. Such geopolitical risks often boost risk aversion sentiment, affecting commodity prices and exchange rate fluctuations. For the crypto market, the rising macro environmentalism usually attracts capital inflows into safe-haven assets like Bitcoin. In the short term, attention should be paid to policy negotiation developments, while in the medium term, the focus should be on the impact of changes in the global trade order on risk asset allocation.