Trump's latest tariff measures targeting countries engaged in Iranian oil trade are creating ripples in global markets. The move poses a real threat to the carefully maintained trade ceasefire between Washington and Beijing—a deal that's been holding steady for the past year. China's position as the world's largest buyer of Iranian crude makes it particularly vulnerable to these new trade restrictions. Market watchers are closely monitoring how Beijing might respond, especially given the delicate balance of the existing trade agreement. The intersection of energy politics and trade tensions could spark fresh volatility across multiple asset classes as investors reassess geopolitical risk premiums.