U.S. President Trump recently revealed that tariff revenues have accumulated to over $600 billion. This figure is far from ordinary fiscal statistics; it reflects a fundamental shift in the current global trade system.

In terms of scale, $600 billion is nearly 10% of the U.S. annual fiscal expenditure, enough to cover more than half of the annual military budget. The availability of this funds means that the U.S. has gained greater leverage in international negotiations. Tariff policies have evolved from simple trade barriers into a sustained source of national cash flow.

This change is triggering a global chain reaction. Trading partners need to reassess their cost structures, multinational corporations face pressure to adjust their pricing models, and financial markets are digesting potential inflation transmission. The geopolitical landscape is also being reshaped—tariffs are no longer just economic tools but also concrete expressions of strategic power.

What does this mean for the crypto market? Escalating global trade frictions typically push up risk premiums and capital liquidity. Companies and institutional investors tend to reallocate assets in response to increased uncertainty in traditional markets, which could create new demand for digital assets. Meanwhile, the increase in U.S. fiscal revenue may also influence future monetary policy expectations, thereby affecting the overall risk appetite in the crypto market.

If this policy trend continues, the tariff system may further expand, and a "fight to sustain the fight" fiscal model could become the new normal for the U.S.. The rules and logic of global trade are being rewritten, and market participants need to closely monitor policy developments.