The recently highly followed tariff policy has finally settled, yet the market's reaction has been surprisingly calm. Both emotional fluctuations and price changes have not been as dramatic as expected. The reasons behind this phenomenon are worth our deep consideration.

In fact, since the issue of tariffs was first raised, the market has already begun to digest this information. The US stock market and the cryptocurrency market have experienced fluctuations, and discussions about economic recession and stagflation have also been rampant. Each fluctuation in the market has, to some extent, reflected the expectation of the negative impacts that this policy may bring.

This situation confirms a common understanding in the investment community: the market always leads events themselves. By the time the policy is actually implemented, its impact has largely been absorbed by the market. This does not mean that tariff policies are unimportant, but rather that the market has already rehearsed and adjusted to them multiple times, significantly reducing their impact when they are finally enacted.

From a trading perspective, when negative news lands but does not trigger a significant response from the market, it often indicates that a turning point in market sentiment may be approaching. This phenomenon is referred to as "exhaustion of negative news," which may suggest that the market has fully digested the negative factors and that positive changes may occur in the future.

Overall, this event once again emphasizes the importance of market expectations and how investors should view and respond to significant policy changes. It reminds us that when assessing the potential impact of any event on the market, we must not only consider the event itself but also take into account how much information the market has already digested in advance. This insight is crucial for making informed investment strategies.