Trump stated that he has finalized a tariff plan that will take effect at 4 a.m. Beijing time on April 3 (local time April 2). He did not disclose the details of the reciprocal tariffs that will take effect on the same day but hinted at imposing import taxes on trade partners. The final version of the reciprocal tariff plan will take effect after being announced in the White House Rose Garden. Additionally, a 25% tariff on automobiles will be imposed starting April 3. Prior to this, Trump had already imposed tariffs on steel and aluminum and raised tariffs on all Chinese goods. He has also repeatedly threatened to impose additional tariffs, only to cancel or postpone them afterwards.

This latest tariff plan could represent a large-scale reciprocal tariff that may disrupt the global trading system. For weeks, Trump has referred to this day as America's 'Liberation Day.' Now, there is only a day and a half left until Liberation Day. However, given the current market situation, it has already retraced nearly half of its range, which means that before the tariffs are officially announced, funds are still bearish on the market. Tariffs are bearish, and regardless of whether they have been priced in or not, as long as they are not finalized, a bearish consensus has already formed. Whether the official implementation of tariffs will exhaust the bearish sentiment and benefit the market remains to be seen, depending on where this round of adjustment will lead.

Overall, short-term low-level fluctuations are inevitable.