#美国加征关税 Trump Swings the Tariff Club Again, but the Market Remains "Calm"

On May 23 local time, the Trump administration once again wielded the tariff club, suggesting a 50% tariff on the EU starting June 1, and threatening to impose a 25% tariff on smartphone manufacturers like Apple and Samsung by the end of June. As soon as this news broke, the global market was instantly enveloped in a tense atmosphere.

European stock markets were the first to "plunge," with the Euro Stoxx 50, Germany's DAX, and France's CAC 40 indices all dropping more than 2%, with stocks in the automotive, banking, and luxury goods sectors experiencing significant declines. The U.S. stock market was not immune, with the S&P 500 index recording four consecutive daily losses, led by declines in tech stocks. In the bond market, funds surged in, pushing government bond prices higher, with 10-year bond yields in Germany, France, and other countries falling, while U.S. bond yields collectively rose, with the 10-year U.S. Treasury yield increasing by 2.26 basis points to 4.506%.

However, compared to the market "turbulence" caused by previous tariff threats from the Trump administration, the market's performance this time was relatively calm. Although the 10-year U.S. Treasury yield rebounded in the morning, the volatility was limited. John Madziire, an investment strategist at Vanguard, pointed out that the market has already calmed down, as similar situations have played out multiple times, and everyone is clear about the subsequent direction; it’s like the story of “The Boy Who Cried Wolf,” and investors are no longer easily panicked. Everyone understands that the government is not without strategy and that its actions have certain limits.

Investors generally expect that just as the previous tariffs on China were significantly weakened during negotiations, this aggressive proposal to impose a 50% tariff on EU imports is also likely to "shrink" during subsequent negotiations. After experiencing multiple tariff storms, the market has gradually adapted to this uncertainty and developed a certain "immunity" to Trump's tariff threats. Although short-term market fluctuations are inevitable, the long-term direction still depends on the economic fundamentals and corporate profit conditions. $BTC $ETH