Specifically manifested in the following aspects:
• Volatility in financial markets: After the U.S. announced additional 'reciprocal tariffs' on trade partners in April this year, the U.S. stock market suffered a heavy blow, with the S&P 500 index plummeting approximately 12% in a single week. Although there was a rebound due to a delay in tariffs, the stock prices of companies heavily affected by tariffs, such as retailers and automobile manufacturers, remained under pressure. As the July 9 deadline for tariff negotiations approaches, market uncertainty increases, and future risks persist.

• Tensions in trade relations: The U.S. 'reciprocal tariff' 90-day delay period will end on July 9. Currently, the progress of trade negotiations between the U.S. and multiple parties, including the EU, Japan, and India, is not meeting expectations. All parties emphasize a firm stance to protect their own interests, which may lead to an escalation of trade frictions and undermine the global trade order.