Trump's pledge to impose 25% tariffs on countries engaging in Iran trade is sparking fresh concerns about escalating trade friction with China. This move could reshape global supply chains and ripple through risk asset markets, including crypto. The geopolitical backdrop matters—tariff wars typically fuel volatility in alternative assets as investors reassess portfolio exposure. Whether this materializes into concrete policy or remains posturing, traders watching macro trends should keep an eye on how this unfolds. Brendan Murray breaks down the specifics and market implications.