Matt Weller, StoneX's global market research director, emphasized in the latest report that "market aversion to uncertainty" is an ancient adage on Wall Street. The ambiguity of the tariff statement has undoubtedly dealt a heavy blow to risk appetite. "Once the shoe drops, risk assets and the dollar may see a brief rebound." However, he warned that if Trump continues to escalate tariffs after April 2, "any rebound in risk assets will be short-lived unless traders are convinced that these disruptive economic policies have come to a complete end."

Meanwhile, Jed Ellerbroek, portfolio manager at Argent Capital, observed that the uncertainty of this tariff policy is driving funds into low-volatility stocks and value stocks, while the recent weak performance of tech giants has confirmed the market's defensive mindset. He believes that in order to reverse this risk aversion sentiment, "increased visibility on tariff policy is a necessary prerequisite."