Trump's latest tariff warnings targeting nations engaged with Iran—including major trading partners—are stirring questions about another round of US-China trade escalation. This isn't just political theater. When tensions spike between Washington and Beijing, markets typically react. Crypto traders watch these geopolitical moves closely since they often trigger broader risk-off sentiment or shift portfolio flows. The real question: will this reignite the trade friction we saw before, or is it negotiation posturing? Either way, global trade friction remains a wild card for asset prices heading into the year.