This is specifically reflected in the following aspects:

• Volatility in financial markets: In April of this year, after the U.S. announced the imposition of 'reciprocal tariffs' on trade partners, the U.S. stock market suffered a severe blow, with the S&P 500 index plummeting about 12% in a single week. Although there was a rebound afterward due to a delay in tariffs, the stock prices of companies heavily affected by tariffs, such as retailers and automakers, continued to be under pressure. With the July 9 deadline for tariff negotiations approaching, market uncertainty has increased, and future risks remain.

• Tense trade situation: The 90-day delay period for the U.S. 'reciprocal tariffs' will end on July 9. Currently, trade negotiations between the U.S. and multiple parties, including the EU, Japan, and India, are not progressing as expected. All parties emphasize their firm stance in defending 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 global economic consulting firm BCA Research, believes that if tariffs remain unchanged, U.S. economic growth could 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 might rise, directly squeezing residents' real income and consumption capacity, thereby affecting economic growth.

• Increased operational pressure on enterprises: The American Apparel and Footwear Association has stated that the U.S. government's tariff policy will significantly increase domestic manufacturing costs in the U.S., coupled with retaliatory tariffs from various countries, which will severely weaken the export competitiveness of U.S. products. Many enterprises are facing rising costs and supply chain disruptions due to tariff policies, leading to increased operational uncertainty.

• Decline in consumer confidence: Jack Kleinhenz, chief economist of the National Retail Federation, stated that consumers are struggling to cope with the uncertainty brought by trade policies, and tariffs are expected to trigger inflation later this year, with tariff costs potentially having a serious impact on their consumption budgets. Consumers are sensitive to prices and have begun to spend cautiously, with some low-income consumers being hit harder.