The recent China-U.S. trade relations have sharply tensed due to the tariff war, impacting the global market. In April 2025, the U.S. imposed retaliatory tariffs of up to 245% on Chinese goods, while China responded with measures in service trade due to the significant U.S. trade surplus in services with China. After Trump took office, he announced a temporary suspension of some tariffs for 90 days, which led 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. Trade friction between the two 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 only an economic game but also a contest for dominance over the global financial order, with China challenging the dollar's hegemony, which raises U.S. vigilance. The market expects that negotiations between China and the U.S. may be intermittent in the coming months, market volatility will persist, and investors need to pay attention to policy changes and economic data.