According to reports from Jinshi data, analyst Cameron Christ pointed out that the final CPI data was lower than expected, 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, with only a 0.1% increase when excluding food and energy.
This may suggest that the current tariff levels are 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 expansion 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.