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. Commodity prices in April remained flat compared to the previous month, with only a 0.1% increase after excluding food and energy.
This may suggest that the current level of tariffs is not significant, and their overall impact on inflation has not yet fully manifested, as retailers are still digesting previously accumulated inventory, leading to a continued widening of the trade deficit. Although the macro effects of trade war policies remain unclear, the lower-than-expected inflation data undoubtedly has a short-term boosting effect on financial assets.