According to data from Jinshi, 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 were 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 yet to fully manifest, as retailers are still digesting previously accumulated inventory, leading to a continued widening of the trade deficit. Although the macro impact of the trade war policy remains unclear, the lower-than-expected inflation data undoubtedly has a short-term boosting effect on financial assets.