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.

• Concerns about economic growth: Barry Eichengreen, chief global strategist at BCA Research, a global economic consulting firm, believes that if tariffs remain as they are, U.S. economic growth may decline by 1.5%, but the stock market has not reflected this scenario. The current impact of tariffs on the U.S. economy has a lagging effect, and the inflation rate over the next 12 months may rise, directly squeezing residents' real income and consumption capacity, thereby affecting economic growth.

• Increased operational pressure on businesses: The American Apparel and Footwear Association has stated that the U.S. government's tariff policy will significantly increase domestic manufacturing costs, and coupled with retaliatory tariffs from other countries, will severely weaken the export competitiveness of U.S. products. Many companies are facing issues such as rising costs and disrupted supply chains due to the tariff policy, leading to increased operational uncertainty.

• Decline in consumer confidence: Jack Kleinhenz, chief economist at the National Retail Federation, stated that consumers are struggling to cope with the uncertainty brought about by trade policies, anticipating that tariffs will trigger inflation later this year, and the cost of tariffs may severely impact their consumption budgets. Consumers are sensitive to prices and have begun to spend cautiously, with lower-income consumers being hit harder.