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Editorial Summary
The latest adjustments to the Trump administration’s tariffs on steel, aluminum, and copper preserve the core protections, but—thanks to a threshold for metal content and cost-based calculations—enable more precise administration. These changes help streamline enforcement, increase budget receipts, and reduce the excessive impact on consumer goods with low metal content. Over the long term, their effectiveness will depend on how global supply chains respond and how related industries adapt.

Internal News
By 2030, the volume of new energy storage systems in China will exceed 370 million kW
The 15th Five-Year Development Plan emphasizes the need to vigorously promote advanced technologies, particularly new energy storage systems. It is stated that new storage systems are becoming the core of the new energy system and are included in the list of national key industries. According to the recently published "White Paper on Energy Storage Research 2026," by 2030, the total installed capacity of new energy storage systems in China will exceed 370 million kW, more than one and a half times the level at the end of the 14th Five-Year Plan. (CCTV News)

International News
The probability of the Fed rate remaining unchanged in April is 99.5%, and the likelihood of a rate hike this year has increased to 14.7%
According to CME FedWatch: the probability of a 25 basis point rate hike in April is 0.5%, unchanged — 99.5%. By June, the probability of a 25 basis point rate cut is 6.0%, unchanged — 93.5%, and a 25 basis point increase — 0.5%. By December, the probability of a 25 basis point rate cut is 35.1% (the day before — 25.1), unchanged — 50.2% (the day before — 73), an increase — 14.7% (the day before — 1.9).
The Russian presidential aide stated that the Strait of Hormuz is open to Russia
Russian Presidential Aide Ushakov told Russian media that the Strait of Hormuz is open to Russian ships. He also noted that the situation in the Middle East remains complex. Additionally, he mentioned that the US has not approached Russia with requests for mediation to resolve the situation in the Middle East. (CCTV News)
US Army attacked Iranian bridge, new strikes on infrastructure expected
According to Axios, on Thursday, U.S. military forces struck a key civilian infrastructure target in Iran for the first time, a few hours after President Trump’s threat to “push Iran back to the Stone Age.” The strike on the B-1 bridge near Tehran indicates an expansion of U.S. military targets and could mark the beginning of attacks on energy, hydroelectric, and transportation infrastructure. A Pentagon spokesperson said further strikes on bridges are possible. The bridge was targeted because Iranian armed forces used it to transport missiles and components from Tehran to the western part of the country. Components were transported in large boxes and containers, assembled at the launch site. The bridge was also used to supply the Iranian military in Tehran.
Iran attacked Oracle and Amazon data centers in the region
On the evening of April 2, the IRGC Navy command issued a statement about strikes on Oracle’s data

Oil Market
International oil prices surged sharply on Thursday: WTI crude rose by more than 13% and closed at $112.06 per barrel, recording the largest one-day gain since 2020; Brent futures rose by 7.78% to $109.03 per barrel. The reason is U.S. President Trump’s promise to continue strikes against Iran and the lack of deadlines for ending the conflict or opening the Strait of Hormuz. Trump said that over the next two to three weeks there will be extremely tough strikes, promising to push Iran back to the “Stone Age,” which heightened fears of prolonged disruptions in oil supplies. Despite the fact that Iran and Oman are preparing a protocol to monitor the passage of ships through the Strait of Hormuz, traders shifted their focus to the vulnerability of Iran’s oil infrastructure. Recently, the spreads between U.S. oil and Brent reached their highest levels in a year, and the premium of near-term contracts over longer-dated ones also set an absolute record. Dallas Federal Reserve Bank President Logan noted that accelerating the conflict’s end could have limited impact on the economy, but overall the outlook remains unclear. Citi expects that the average baseline price of Brent in the second half of the year will be $95, and in an optimistic scenario — $130; JPMorgan expects that in the short term oil could rise to $120–130, and if the Strait of Hormuz remains closed until mid-May — then also exceed $150.

Gold Market
On Thursday, gold prices sharply fell amid a stronger US dollar and rising expectations of interest rate hikes: spot gold dropped by 2.2% to 4,651.35 dollars per ounce, and American gold futures declined by 2.8% to 4,679.70 dollars. US President Trump said he would continue attacks on Iran, promising to “send Iran back to the Stone Age,” which pushed oil prices higher, intensified concerns about inflation, and reduced the likelihood of rate cuts, putting pressure on non-yielding gold. Since the escalation of the Middle East conflict on February 28, spot gold prices have fallen by 12%. Market sentiment also deteriorated due to a sharp reduction in the gold reserves of the Central Bank of Turkey—over the past two weeks by more than 118 tons (on last week — a decline of 69.1 tons to 702.5 tons). On the demand side, amid falling gold prices in India, a premium over the spot price was recorded for the first time in two months. Among other precious metals: spot silver fell by 3.7% to 72.38 dollars, platinum rose by 0.9% to 1,981.95 dollars, and palladium fell by 1.9% to 1,497.00 dollars.

According to the APP "Golden Shape" report, U.S. President Trump signed a statement on Thursday aimed at adjusting national tariffs for security reasons on the import of steel, aluminum, and copper (Section 232 tariffs). This adjustment is intended to lower tariff rates on derivative metals, simplify declaration procedures, and prevent undervaluation of import values.
The statement says that the U.S. will maintain a 50% tariff on imports of such bulk goods as steel, aluminum, and copper, but now this rate will be applied to the price paid by American consumers. The main changes concern derivative products, where a threshold metal content is introduced for more accurate duty assessment.
Details of the new rules
Under the new rules, if the steel, aluminum, or copper content in a derivative product by weight is less than 15%, the U.S. will cancel the previously applicable 50% tariff, effectively exempting such goods from duties. This measure is intended to exempt products with very low metal content, such as perfume bottles with aluminum caps or dental floss boxes with miniature steel blades.
For derivative products with metal content exceeding 15%, a reduced tariff rate of 25% will be applied, but this rate will be calculated based on the total value of the imported product, not just the metal content. Thus, for products like washing machines or gas stoves, where steel is a main component, the duty will be 25% of the total value.
Meanwhile, bulk goods made of steel, aluminum, and copper will retain a high 50% duty, calculated on the entire sale price. According to officials, these measures could generate additional revenue from tariffs and also simplify customs declaration, eliminating opportunities to evade tariffs by undervaluing metal content.

According to the APP "Golden Shape" report, U.S. President Trump signed a statement on Thursday aimed at adjusting national tariffs for security reasons on the import of steel, aluminum, and copper (Section 232 tariffs). This adjustment is intended to lower tariff rates on derivative metals, simplify declaration procedures, and prevent undervaluation of import values.
The statement says that the U.S. will maintain a 50% tariff on imports of such bulk goods as steel, aluminum, and copper, but now this rate will be applied to the price paid by American consumers. The main changes concern derivative products, where a threshold metal content is introduced for more accurate duty assessment.
Details of the new rules
Under the new rules, if the steel, aluminum, or copper content in a derivative product by weight is less than 15%, the U.S. will cancel the previously applicable 50% tariff, effectively exempting such goods from duties. This measure is intended to exempt products with very low metal content, such as perfume bottles with aluminum caps or dental floss boxes with miniature steel blades.
For derivative products with metal content exceeding 15%, a reduced tariff rate of 25% will be applied, but this rate will be calculated based on the total value of the imported product, not just the metal content. Thus, for products like washing machines or gas stoves, where steel is a main component, the duty will be 25% of the total value.
Meanwhile, bulk goods made of steel, aluminum, and copper will retain a high 50% duty, calculated on the entire sale price. According to officials, these measures could generate additional revenue from tariffs and also simplify customs declaration, eliminating opportunities to evade tariffs by undervaluing metal content.

According to the APP "Golden Shape" report, U.S. President Trump signed a statement on Thursday aimed at adjusting national tariffs for security reasons on the import of steel, aluminum, and copper (Section 232 tariffs). This adjustment is intended to lower tariff rates on derivative metals, simplify declaration procedures, and prevent undervaluation of import values.
The statement says that the U.S. will maintain a 50% tariff on imports of such bulk goods as steel, aluminum, and copper, but now this rate will be applied to the price paid by American consumers. The main changes concern derivative products, where a threshold metal content is introduced for more accurate duty assessment.
Details of the new rules
Under the new rules, if the steel, aluminum, or copper content in a derivative product by weight is less than 15%, the U.S. will cancel the previously applicable 50% tariff, effectively exempting such goods from duties. This measure is intended to exempt products with very low metal content, such as perfume bottles with aluminum caps or dental floss boxes with miniature steel blades.
For derivative products with metal content exceeding 15%, a reduced tariff rate of 25% will be applied, but this rate will be calculated based on the total value of the imported product, not just the metal content. Thus, for products like washing machines or gas stoves, where steel is a main component, the duty will be 25% of the total value.
Meanwhile, bulk goods made of steel, aluminum, and copper will retain a high 50% duty, calculated on the entire sale price. According to officials, these measures could generate additional revenue from tariffs and also simplify customs declaration, eliminating opportunities to evade tariffs by undervaluing metal content.

Huitong Network, April 3 — Over the week from March 31 to April 3, 2026, the global gold market demonstrated strong internal momentum amid a shortened trading week. The gold price not only recovered from late March losses but also formed a four-day rally on the daily chart, sending a strong short-term trend reversal signal to the market.
During the period from March 31 to April 3, 2026, the global gold market showed a strong internal impulse amid the shortened trading week. Despite the reduction in actual trading days due to Good Friday holiday, both spot gold and gold futures on the New York Mercantile Exchange (COMEX) experienced significant gains. Spot gold rose by 4.02% over the week, marking the largest weekly increase since the end of 2025; NYMEX gold futures showed an even more aggressive dynamic — a weekly increase of 4.74%. The main market development logic this week is confirmed by technical divergence and opposition to fundamental factors. Despite temporary pressure from a strong dollar, ongoing geopolitical risks, and rising long-term inflation expectations among major foreign institutions, the appeal of safe-haven assets quickly increased. The gold price not only recovered from late March losses but also, thanks to a four-day rally on the daily level, clearly signaled a short-term trend reversal.

The structure of long-term BTC holdings is seeing its largest divergence in 10 years: the share of exchange “whales” exceeds 60%. In the first quarter of 2026, the Bitcoin market appears outwardly calm—price continues to stay below 70,000 dollars, and the Fear and Greed Index has been in the “extreme fear” zone for an extended period. However, the data beneath the surface point to profound structural changes. According to an SEC disclosure, Strategy (, formerly MicroStrategy ), increased its holdings by more than 88,000 BTC in the first quarter, and its total portfolio already stands at about 762,000 coins; the average acquisition price is approximately 75,696 dollars. At the same time, the “whale” coefficient on exchanges rose to above 60%, setting a decade-high, while retail investor participation fell to the lowest level over the same period.
On-chain data provide a clearer picture. The share of short-term holders—especially the group with a holding period of one week to one month—has fallen to 3.98%. Looking back at previous cycles, when this metric dropped below 4%, the market was typically near the bottom or directly in the bottom zone. Long-term holders control a larger portion of the supply, intraday trading is declining, and speculative demand is weakening—suggesting the market is shifting from high-frequency “trading games” to structural accumulation.
The essence of this divergence is a systematic transfer of биткоин liquidity from retail to institutions. биткоин does not disappear—it undergoes a structural change of ownership: the rise in the exchange “whale” ratio indicates that the original large crypto holders are selling; at the same time, publicly traded companies led by Strategy increased their net position by approximately 62,000 BTC during the same period. While individual investors are exiting the asset, institutions continue to buy at a steady pace—the ownership structure of биткоин is being rewritten.

Escalation in the Iran–U.S. Conflict: Spot price of Brent crude oil exceeds $140 — a double test for the crypto industry: inflation and flight to quality
Summary
On April 3, 2026, the U.S. and its allies carried out bombing strikes on key Iranian infrastructure, which led to retaliatory actions by Iranian military forces and attacks on relevant facilities. As a result, global oil prices surged sharply. The rise in energy prices strengthened inflation expectations in different countries, creating pressure on crypto assets and other risky assets, while digital infrastructure faced even greater vulnerabilities. The cost of mining Bitcoin increased, and changes in the market’s demand for safe-haven assets are worth noting.
On April 3, 2026, the U.S. and Israel struck the Iranian city of Karadja on the Bayk Highway, targeting the Beik Bridge, which is a landmark transportation infrastructure in Iran. After that, the Islamic Revolutionary Guard Corps of Iran immediately launched a military response, “Round 90 of the True Promise,” striking U.S.-linked metallurgical industry targets and announcing an expansion of the circle of targets. Brent crude for near-term delivery surpassed $140 per barrel, setting the highest level since 2008; the WTI oil futures price rose above $110 for the first time since 2022. An agreement on passage through the Strait of Hormuz is being prepared, and the global energy market—as well as the digital-asset industry—faces double structural pressure, both on the cost line and on the flight-to-safety line.

The stablecoin supply volume in the first quarter of 2026 will reach $320 billion, with trading volume accounting for 75% of the total cryptocurrency trading volume. In the first quarter of 2026, the total stablecoin supply reached approximately $320 billion, setting a historical high. During the same period, the total trading volume exceeded $28 trillion, accounting for 75% of the total cryptocurrency trading volume — the highest level ever recorded. During the quarter, the USDC supply increased by approximately $2 billion, while the USDT supply decreased by about $3 billion. This is the first noticeable divergence between the two largest stablecoins since 2022; the share of trades executed by automated programs rose to 76%, while retail transfers decreased by 16%. On the global regulatory front: in the US, the GENIUS bill was officially passed on July 7, 2025; in the EU, the MiCA regulation fully came into force and will be enforced for stablecoin provisions starting June 30, 2026; the Hong Kong Monetary Authority ((HKMA)) is advancing the issuance of the first stablecoin licenses.

Bitcoin ETF: net inflow in March 2026 totaled $1.2 billion — short-term spike or structural shift? The Bitcoin ETF recorded a net inflow of $1.24 billion in March 2026. This figure not only ended the previous two-month period of fund stagnation but also approached the quarterly average level of Q4 2025 in total volume. Looking at the timeline, the pattern of fund inflow clearly shows a "low first, then high" trend: in the first half of the month, the average daily inflow was about $28 million, and in the second half, it increased to over $75 million. This acceleration is not caused by a single event but results from the convergence of vectors across three directions: macro expectations, asset valuation ratios, and market structure. An even more significant change is that this round of inflows was not accompanied by a proportional increase in биткоин's price. As of April 1, 2026, according to Gate quotes, биткоин is trading at $68,550 USD, with a 24-hour increase of 2.7%, while ETF inflows have increased several times. This indicates that current funds are more focused on "position supplementation" and "structural rebalancing" rather than simple chasing of growth. The market is transitioning from a volatile phase, largely driven by retail sentiment, to a "inventory optimization" phase driven by institutional capital.