QCP: Trump announces partial pullback on tariffs against China, tensions in the Middle East escalate.

On June 12, QCP issued a briefing saying that the Trump administration announced a partial rollback of the China tariff proposal, which will maintain the basic tax rate structure of 55%, including 10% reciprocal tariffs, 20% fentanyl-related taxes and 25% first-term legacy tariffs. The agreement is awaiting formal ratification by the two heads of state. At the same time, the U.S. Secretary of Commerce strongly stated that he would not provide China with "the best chips", highlighting the trend of global supply chain fragmentation. Brent crude oil prices soared 7-9% in a single day as tensions rose in the Middle East, the United States began to evacuate diplomatic staff, and market rumors of a possible Israeli attack on Iran's nuclear facilities. U.S. Treasury Secretary Bessant hinted at a possible postponement of the July 8 tariff deadline while pushing for the "Beautiful Act" to revitalize U.S. industrial competitiveness. In terms of the cryptocurrency market, GameStop considered allocating Bitcoin, and the Ethereum ETF had a net inflow for 18 consecutive days, and institutional participation continued to increase.