On April 2 local time, US President Trump signed two executive orders at the White House, declaring a 'national emergency' and launching a radical policy of comprehensive tariff increases, triggering severe fluctuations in global markets. This initiative, referred to as the 'Economic Independence Declaration', not only reshaped US trade rules but also pushed the global economy into new uncertainties.

Core content of the tariff policy

Trump announced a 10% 'minimum baseline tariff' on imported goods from all countries, effective April 5. However, for about 60 countries and regions with the largest trade deficits with the US, an additional 'reciprocal tariff' will be imposed, calculated at half the tariff level they charge on US goods, with a maximum rate of 49% (such as Cambodia), effective April 9. For example, the EU faces a 20% tariff, Japan 24%, India 26%, and Vietnam 46%.

Increased automobile tariffs

All imported cars and parts (including computers) will be subject to a 25% tariff, effective April 3. Trump claims this move is to protect the US industrial base and national security, but economists warn it will lead to skyrocketing car prices, with annual sales potentially decreasing by 15%-20%.

Exemptions and Exceptions

Some goods are unaffected, including steel and aluminum products (already subject to Section 232), pharmaceuticals, semiconductors, timber, etc. Goods from Canada and Mexico that comply with the USMCA continue to be exempt from tariffs.

Market Reaction: Panic selling spreads

After the announcement, financial markets reacted swiftly:

US stock futures plummet: Nasdaq futures fall more than 4% after hours, S&P 500 futures drop 1.69%, and Dow futures decline 0.61%. Apple's market value evaporates by about 1.8 trillion yuan, with technology stocks like Tesla and Nvidia declining.

Safe-haven assets soar: Gold prices exceed $3,200 per ounce, hitting a record high; the US dollar index falls below 104, and US Treasury yields plunge.

Global supply chains under pressure: Markets worry that tariffs will raise production costs and exacerbate inflation. Bank of America Securities predicts that automobile tariffs could reduce US demand by 3.2 million vehicles annually.

Cryptocurrency crashes: Bitcoin falls below $83,000, with a daily decline exceeding 4.5%; Ethereum drops 5%, and market risk aversion escalates.

Intense backlash from the international community

Multiple countries and international organizations quickly express their intention to take countermeasures:

China's strong response: The Ministry of Commerce has filed a lawsuit with the WTO and plans to implement reciprocal tariffs on US agricultural products, automobiles, etc. Foreign Ministry spokesperson Geng Shuang emphasized that 'there are no winners in a trade war', and US policies violate multilateral trade rules.

EU: Plans to retaliate in two phases, the first phase targeting steel and aluminum tariffs (involving €26 billion worth of goods), and the second phase targeting automobile tariffs.

Canada: Prime Minister Carney states that they will 'reshape economic relations with the US', threatening retaliation against automobile tariffs.

Australia, Mexico: Refusing to make concessions, emphasizing the protection of domestic industries.

Economists widely warn that Trump's 'tariff weapon' could trigger a global trade war, repeating the negative consequences of the 2018 trade conflict, ultimately costing US consumers.

Controversies and Concerns

The US Consumer Confidence Index has fallen to a 12-year low, with about 60% of the public opposing the government's handling of trade disputes. Economists point out that Trump's tariffs on China in 2018 failed to reduce the trade deficit and instead led to rising costs for US manufacturing.

Trump invoked presidential powers granted by the International Emergency Economic Powers Act to implement tariffs, criticized as an abuse of executive power. Legal experts worry that this move will weaken Congress's ability to provide checks and balances, setting a dangerous precedent.

Future Impacts and Challenges

In the short term, global supply chain adjustments, rising corporate costs, and inflationary pressures will become focal points. In the medium to long term, this may accelerate the trend of 'de-globalization', forcing countries to restructure trade alliances. The contradiction between expectations of Federal Reserve interest rate cuts and inflationary pressures caused by tariffs may lead to sustained market volatility.

This 'tariff storm' not only tests the resilience of various economies but will also reshape the international trade order of the 21st century. As ECB President Lagarde stated: 'The US is pushing the global economy towards an unknown abyss.'