The China-U.S. trade relationship has recently become sharply tense due to the tariff war, affecting the global market. In April 2025, the U.S. imposed retaliatory tariffs of up to 245% on Chinese goods, while China responded with measures on service trade, due to the significant U.S. trade surplus in services. After Trump took office, he announced a temporary 90-day suspension of some tariffs, leading to a brief market rebound, but uncertainty remains high. China's exports surged by 12% in March as companies rushed to ship goods before the tariffs took effect, but subsequent exports are expected to plummet. The trade friction between both sides has expanded from goods trade to service trade, and achieving 'trade balance' in the short term is actually a sharp reduction in trade volume, leading to increased unemployment risks in China and heightened inflation pressures in the U.S. Experts believe that the tariff war is not just an economic game, but also a struggle for dominance in the global financial order, as China's challenge to the U.S. dollar hegemony raises alarms. The market anticipates that negotiations between China and the U.S. may be intermittent in the coming months, and market volatility will continue, requiring investors to pay attention to policy changes and economic data.