According to @MilkRoadDaily, China responded to Trump’s tariff threat with new port fees, sanctions, and regulatory probes, which coincided with approximately $1.2 billion in liquidations and a broad selloff across risk assets, according to @MilkRoadDaily. According to @MilkRoadDaily, the episode was characterized as a stress test rather than a full market meltdown, indicating elevated but contained volatility for crypto markets.