On April 2025, the Trump administration announced a 90-day suspension of new tariffs for over 75 countries and a unified reduction of existing rates to 10%, but China was excluded, with tariffs on its goods exported to the US rising to 125%. This policy adjustment reflects Trump's 'carrot and stick' negotiation strategy, using tariffs as a means to gain negotiating space in the short term, while attempting to reshape global trade rules and promote the return of manufacturing in the long term.

From the market's reaction, the news of suspended tariffs eased concerns about escalating trade frictions, leading to a significant rise in US stocks, with the Nasdaq index recording its largest single-day increase since 2001. However, this move is essentially a strategic buffer, aiming to negotiate with various countries during the 90-day window, demanding conditions such as market opening and increased purchases from the US, rather than genuinely abandoning trade protectionism. In the long run, the repeated changes in tariff policy have triggered turmoil in global supply chains, with US companies like Boeing and Tesla facing difficulties due to soaring costs and supply chain risks, which may reveal stagflation pressures in the third quarter.

Although China was not included in the tax reduction, it actively responds through countermeasures, market diversification, and industrial upgrades, such as accelerating semiconductor independence and expanding 'Belt and Road' trade, demonstrating economic resilience. Overall, Trump's tariff policy has temporarily alleviated market panic, but the risk of a fragmented global trade system has intensified, and the game is far from over.