【Macroeconomic Weekly Report┃4 Alpha】The implementation of reciprocal tariffs, what is the impact?
This week, the Trump administration launched an unexpectedly aggressive tariff policy, triggering severe fluctuations in global markets. U.S. stocks faced the worst sell-off since 2020, with the S&P 500 plummeting 10% over two days, and commodities collapsing simultaneously, with oil and copper prices dropping more than 10% in a week, showing significant differentiation in safe-haven assets. The increase in tariffs far exceeded expectations, primarily targeting Asian economies, with clear political intentions that may provoke countermeasures from China and Europe, extending the duration of the game of chess.