#美股下挫 People live up to their name, empty it with all their might!

The Trump administration signed an executive order in April to impose **a minimum benchmark tariff of 10%** on over 100 countries and regions worldwide, and to impose **punitive tariffs of 34%-46% on specific goods from countries such as China and Vietnam**. China immediately announced a retaliatory tariff of 34% on U.S. goods, and other countries like Canada and the European Union may follow suit, raising concerns about escalating global supply chain disruptions and trade wars.

2. **Corporate Cost and Profit Pressure**

Tariffs directly increase production costs for businesses. For example, Apple's hardware production costs may rise by 15%-20% due to tariffs on China, and companies like Tesla and Nvidia, which rely on global supply chains, have seen their stock prices plummet. JPMorgan estimates that the new tariffs could increase the average annual spending of American households by $3,800, with price increases for goods like clothing and furniture reaching 17%-46%, further suppressing consumer demand.

3. **Long-term Costs of Supply Chain Restructuring**

American companies are trying to shift their supply chains from China to Mexico or Southeast Asia, but initial investments need to increase threefold, with a ramp-up period of 2-3 years. Localization in critical industries like semiconductors will take even longer, requiring 5-10 years, making it difficult to alleviate supply chain disruption risks in the short term.