#美国加征关税 The recent tariff policy imposed by the United States has had a significant impact on the global economy and the domestic economy. In May 2025, U.S. tariff revenue reached $23 billion, setting a record high and contributing to a 17% narrowing of the fiscal deficit that month. However, this policy has exacerbated turmoil in global supply chains, with vessel waiting times at the ports of Hamburg and Bremen in Germany increasing by 49% and 77%, respectively, and rising logistics costs leading to increased trade costs for European businesses.

For the United States itself, the cost of tariffs is rapidly being passed on to consumers. The core CPI rose by 0.3% month-on-month in May, marking the largest increase in four months, as companies transfer import costs to end products, with retailers like Walmart announcing price increases. Apple Inc. is moving some production lines back to the U.S. due to tariff threats, but is facing pressure to restructure its supply chains, expecting a loss of $900 million in the third fiscal quarter.

The international community has strongly opposed the unilateral actions of the United States. The European Union criticized it for undermining the free trade order, and German Chancellor Scholz stated that tariffs exacerbate global uncertainty. China has taken countermeasures, imposing tariffs on U.S. agricultural products and energy, while accelerating efforts to explore markets in ASEAN and the Belt and Road Initiative to hedge against risks.

In the long term, U.S. tariff policy may trigger the risk of 'stagflation'. JPMorgan predicts that the average annual household spending in the U.S. will increase by $1,700, while Goldman Sachs has lowered its economic growth forecast for 2025 to 1.7%. If the trade war continues to escalate, the regional restructuring of global supply chains will accelerate, further weakening the resilience of the U.S. economy.