Under the tariff storm, who are the winners and who are the "passive price-increasers"?

Every time Donald Trump announces an escalation of tariffs, the market plays out the same scene: corporate earnings call suddenly features a high-frequency word—"cost pressure." In plain language, this means "we might have to raise prices."
Theoretically, tariffs protect domestic companies. But reality is often more complicated. Rising import costs for components hurt domestic manufacturers as well. For example, in the automotive industry, engines are in Country A, parts are in Country B, assembly is in Country C, and sales are in the United States. When tariffs increase, like a domino effect, the impact cascades layer by layer. Ultimately, consumers become the "passive price-increasers."
Of course, there are also winners. Certain domestic substitute companies see increased orders, and their stock prices rise first out of respect. Short-term funds love this story—simple logic and direct emotion. But in the long run, an environment lacking competitive pressure may not be conducive to innovation. Protection is like a greenhouse—flowers grow faster, but it may not withstand the wind.
On a macro level, if tariffs push up inflation, the Federal Reserve's policy space will be squeezed. The pace of interest rate cuts slows, and market valuations come under pressure. Therefore, tariffs are not just a trade issue but also a variable in monetary policy. Global investors approach each policy like solving a math problem—plugging each into their models.
In one sentence: tariffs are not a single-line story but a multi-character ensemble drama. Some shout victory, others quietly do the math. The real winners are often those who plan ahead and adapt flexibly. #特朗普宣布新关税政策