The recent escalation of the tariff war has sharply intensified, affecting the global market. In April 2025, the U.S. imposed retaliatory tariffs of up to 245% on Chinese goods, while China countered with measures in service trade due to the significant trade surplus the U.S. has with China. After Trump took office, he announced a temporary suspension of some tariffs for 90 days, which triggered a brief market rebound, but uncertainty remains high. China's exports surged 12% in March as companies rushed to ship goods before tariffs took effect, but subsequent exports are expected to plummet. Trade friction between both sides has extended from goods trade to service trade, and achieving 'trade balance' in the short term has resulted in a sharp decline in trade volume, leading to an increased risk of unemployment in China and heightened inflation pressure in the U.S. Experts believe the tariff war is not just an economic game, but also a contest for dominance in the global financial order, with China challenging the dollar's hegemony prompting vigilance from the U.S. The market expects that U.S.-China negotiations may be intermittent in the coming months, leading to continued market volatility, and investors need to pay attention to policy changes and economic data.