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. Commodity prices in April remained flat compared to the previous month, rising only 0.1% when food and energy are excluded.
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 previously accumulated inventory, leading to a continued expansion of the trade deficit. Although the macroeconomic impact of the trade war policy remains unclear, the lower-than-expected inflation data undoubtedly has a short-term boosting effect on financial assets.