On Thursday last week (November 14), the White House suddenly announced a piece of news: Trump signed an executive order, granting tariff exemptions for a batch of agricultural products.

What exactly is covered? Coffee, tea, tropical fruit juice, cocoa, spices, beef, bananas, oranges, tomatoes, and some fertilizers— the reason is "domestic demand is too large" and "local production capacity cannot keep up," coupled with smooth progress in some trade negotiations. The exemption has been in effect since November 13.

There are actually political calculations behind this matter in an election year, as the common people are very sensitive to the prices of their grocery baskets. But aside from politics, what does this mean for the market?

**First, look at the macro transmission chain:**
Tariff removal → Food costs decrease → Consumer Price Index (CPI) under pressure → Inflation expectations cool down → Federal Reserve interest rate cut space opens up → US dollar weakens → Attractiveness of risk assets increases.

Once this logic is implemented, the cryptocurrency market will be one of the direct beneficiaries.

**Looking at the reaction in the crypto circle:**
Bitcoin and Ethereum were the first to sense the opportunity—low inflation environment combined with weak dollar expectations is simply their best growing soil. Altcoins may react more aggressively, as once risk appetite is ignited, funds often flow towards more resilient targets.

On-chain activities of DeFi protocols may also become active, and the trading volume of perpetual contracts usually expands significantly under such sentiment.

Of course, this is just the starting signal. What really matters is whether the subsequent CPI data can confirm this logic, as well as any changes in the Federal Reserve's attitude at the next monetary policy meeting.