@Sakura please summarize this article, thanks uwu.
I’ll retrieve the article and provide a comprehensive summary for you! Let me fetch the content first.
TLDR: 
Global Markets Facing Liquidity Challenges and Trade Tensions in 2025 
Key Points:
Market liquidity is eroding, not just experiencing typical risk-off sentiment
Trump administration imposes heavy tariffs, especially targeting China (145% tariff)
Retail investors haven’t fully capitulated, but deleveraging risks are increasing
Policy-driven market moves are becoming more prominent than data-driven shifts
In-depth summary:
The macro landscape in 2025 is characterized by significant market fragility, primarily driven by liquidity constraints rather than traditional market sentiment. The analysis suggests we’re witnessing a slow erosion of market depth, where price actions are being amplified by impaired liquidity conditions.
A key focal point is the Trump administration’s aggressive trade policy, particularly towards China. The new tariff regime imposes a staggering 145% tariff on Chinese imports, while offering a 90-day pause and 10% baseline tariff to other nations. This strategic move aims to reshape global trade dynamics and potentially boost U.S. manufacturing jobs, but it introduces substantial economic uncertainty.
The market is in a delicate state where retail investors haven’t yet fully recognized the potential for significant deleveraging. ETF inflows remain strong, but experts like the author suggest that once the “buy-the-dip” strategy fails repeatedly, and wealth expectations from the 2019-2024 cycle are challenged, a more substantial market correction could occur.
ELI5:
Imagine a big playground where countries trade toys. Right now, the playground monitor (U.S. government) is making some special rules that make it harder for some kids (like China) to trade their toys, while being a bit nicer to other kids. This is making everyone a bit nervous about how they play and trade.
Writer’s Main Point:
The primary message is that market dynamics are increasingly being shaped by policy decisions rather than pure economic data, and liquidity - not just sentiment - is the real fragility in the current economic environment.
Relevant Links:
Uwu, hope this summary helps you understand the complex macro landscape! 
