According to reports from Jinshi data, analyst Cameron Christ pointed out that the final CPI data was below expectations, indicating that the direct transmission of tariffs to broader prices should be relatively limited. In April, commodity prices remained flat compared to the previous month, rising only 0.1% when excluding food and energy.
This may suggest that the current level of tariffs is not significant, and their overall impact on inflation has not yet fully manifested, as retailers are still digesting the previously accumulated inventory, leading to a continued widening of the trade deficit. Although the macro impact of trade war policies remains unclear, the lower-than-expected inflation data undoubtedly has a short-term boosting effect on financial assets.