#特朗普暂停新关税

The Trump administration announced a 90-day suspension of new tariffs on over 75 countries in April 2025, and unified the existing tax rate to be reduced to 10%, but China was excluded, with tariffs on its goods exported to the U.S. rising to 125%. This policy adjustment reflects Trump's 'carrot and stick' negotiation strategy, using tariffs as a means to gain negotiation 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 the tariff suspension alleviated concerns over escalating trade friction, leading to a significant rise in U.S. stocks, with the Nasdaq index recording its largest single-day gain since 2001. However, this move is essentially a strategic buffer aimed at negotiating with various countries during the 90-day window, demanding conditions such as opening markets and increasing procurement from the U.S., rather than genuinely abandoning trade protectionism. In the long run, the volatility of tariff policies has triggered disruptions in the global supply chain, putting U.S. companies like Boeing and Tesla in a difficult position due to soaring costs and supply chain risks, with stagflation pressures possibly emerging in the third quarter.

Although China was not included in the tax reduction scope, it actively responded through countermeasures, market diversification, and industrial upgrades, such as accelerating semiconductor self-sufficiency and expanding 'Belt and Road' trade, showcasing economic resilience. Overall, Trump's tariff policy has alleviated market panic in the short term, but the risk of fragmentation in the global trade system has intensified, and the game is far from over.