Since February 2025, the United States has announced a 10% tariff increase on China and plans to impose a 25% tariff on goods from Canada and Mexico, triggering global trade tensions. China quickly retaliated by imposing tariffs of 10%-15% on U.S. coal, liquefied natural gas, and other products. Economists predict that this move may drag down U.S. GDP growth by 0.1-0.8 percentage points and raise PCE inflation by 0.2 percentage points.

The countries most severely impacted are Canada and Mexico, with their GDP potentially declining by 1.26%-1.97%. U.S. automaker Ford warned that long-term tariffs will lead to "billions of dollars in profit evaporating." Analysts believe that although this move will increase fiscal revenue in the short term, it may exacerbate inflation, weaken consumption, and accelerate the restructuring of global supply chains in the long term. The future direction of trade policy still depends on the U.S. trade review report in April and the progress of negotiations among countries.