In March 2023, the U.S. CPI rose 2.4% year-on-year, lower than the expected 2.6%, and decreased 0.1% month-on-month, marking the first decline in nearly five years, mainly influenced by falling gasoline and used car prices. The core CPI increased by 2.8% year-on-year, reaching the lowest level since March 2021. However, the Trump administration's recent imposition of a 125% tariff on Chinese goods may raise the prices of imported goods in the coming months, introducing new inflationary pressures. The market expects the Federal Reserve to potentially cut interest rates by mid-2025, but the inflation risks triggered by tariffs complicate its policy path.