If tariffs are implemented, the biggest impact may not necessarily be on the export countries. The market generally believes that if Trump's tariffs are officially implemented in 2026, the first to be affected could be countries and companies that rely heavily on exports to the US. However, historical experience shows that the true hidden costs often flow back to the US domestic market. Tariffs increase import costs, ultimately borne by consumers and businesses, raising inflation expectations and squeezing the purchasing power of low- and middle-income groups.

This is also why the Federal Reserve and capital markets have always maintained a delicate stance on tariffs: they may score political points in the short term, but could pose a risk of mid-term economic slowdown. For global markets, tariff rulings are more like an "emotion amplifier," easily triggering risk aversion and rapid capital shifts. However, for rational investors, the key is not "panic," but to discern which assets have the ability to pass on costs and which companies have room for supply chain restructuring. Tariffs are just one of many variables; a company's resilience and adaptability are the true keys to long-term success or failure. #特朗普关税裁决临近