讀後心得

On April 2, Trump announced a 10% tariff on all imported goods, triggering turmoil in financial markets and concerns about a recession in the US, disrupting the global trade system. This policy took effect on the 5th, and government officials stated that more than 50 countries had contacted the US to request negotiations. The tariff policy not only affected US allies but also provoked retaliatory actions from countries including China. Although Trump and his cabinet defended this policy, there was restlessness within the Republican Party, with some lawmakers introducing bills calling for Congressional intervention. As the market was hit, US stock index futures continued to decline, and the long-term effects of the tariff policy remain to be seen.

U.S. President Donald Trump announced a brand new import tax policy at 2nd Eastern Time on the 2nd, deciding to impose a baseline tariff of 10% on all imported goods, as well as imposing higher reciprocal tax rates on certain trading partners. According to senior officials in the U.S. government, since the policy was announced, more than 50 affected countries have proactively reached out to request negotiations. This comprehensive import tax measure has not only triggered significant volatility in the financial markets but has also raised concerns about a recession in the U.S. economy, causing a major impact on the global trading system.

Reports indicate that the 10% baseline tariff officially took effect at midnight on the 5th Eastern Time, while differential tariffs will come into effect at midnight on the 9th, symbolizing the arrival of an era of economic uncertainty with no immediate solutions in sight. The U.S. Secretary of the Treasury claimed that the issue of trade unfairness cannot be negotiated in the short term and emphasized the need to closely observe whether the conditions proposed by various countries are credible.

Despite the significant drop in U.S. stocks due to this move, Trump enjoyed a round of golf in Florida and posted on social media, “We will win! Hang in there, this is not easy.” His cabinet members and economic advisers defended the trade policy on the 6th, downplaying the impact of the tariff war on the global economy. The Secretary of Commerce stated clearly that the tariffs to be implemented in a few days would not be delayed, emphasizing that this is a necessary measure, and Trump is attempting to reshape the global trade order.

As the tariff policy impacts the market, U.S. stock index futures saw a decline on the evening of the 6th, with the Dow Jones Industrial Average and S&P 500 futures dropping nearly 4%, while Nasdaq futures fell by almost 5%. Even the relatively stable price of Bitcoin this week was affected, with a decline of nearly 6%. The tariff policy abruptly announced by Trump on April 2nd signifies a unilateral rewriting of global trade rules. This action stems from his years of accusations that foreign trade agreements are unfair to the U.S., betting that voters would be willing to face rising prices for everyday goods to achieve his economic vision.

Countries are urgently taking responsive measures in light of the new policy, with nations like China beginning to retaliate. Economic advisers at the White House acknowledged that countries are fighting back but also stated that they have proactively requested negotiations. The indiscriminate nature of the new tariff policy impacts both U.S. allies and adversaries, including Israel and other countries facing a 17% tariff.

Although this tariff policy has received some support within the long-standing free trade Republican Party, it has also sparked significant unease. Several Republican senators have co-sponsored a bill requiring the president to explain the reasons for imposing tariffs to Congress and to obtain approval within 60 days, or else the tariffs will automatically expire. In light of negative reactions from the financial markets, members of the House also stated they would introduce legislation to restore Congress's control over tariffs.

On the other hand, some business leaders are concerned about the tariff policy and hope for a "zero tariff" status between the U.S. and Europe. Domestically, the opposition criticizes the contradictory signals conveyed by the government, arguing that the government's trade negotiations demand a revival of manufacturing while failing to achieve the goal of mutual tariff elimination among countries, ultimately rendering it difficult to fulfill both aims.