#特朗普暂停新关税 1. Suspension of New Tariff Measures

On April 9, Trump announced a 90-day delay in the implementation of 'reciprocal tariffs' against 185 global trade partners, retaining only 10% of the baseline tariff but imposing an additional 125% tariff on Chinese goods. This move is ostensibly aimed at alleviating domestic economic pressure, but in reality, it attempts to pressure China into concessions through differentiated tariffs.

2. The Deep Logic of Policy Flip-Flops

◦ Domestic Economic Pressure: After the implementation of tariffs, U.S. Treasury yields soared (30-year Treasury yields increased by 60 basis points in one week), and the stock market plummeted (the S&P 500 index saw its largest single-day drop since 2008), forcing Trump's team to urgently adjust their strategy.

◦ Pressure from the Business Community: Companies like Tesla and Apple, which rely on the Chinese supply chain, suffered heavy losses due to supply chain disruptions, with Tesla's stock price dropping 15% in three days, resulting in a market capitalization loss of over $500 billion.

◦ Escalation of International Retaliation: China raised tariffs on U.S. goods to 84% and placed six U.S. companies on the 'Unreliable Entity List'; the European Union simultaneously imposed a 25% retaliatory tariff on the U.S., creating a tripartite game among China, the U.S., and Europe.