On February 27, the Office of the United States Trade Representative announced that it plans to fully raise the 10% temporary import tariff previously implemented on most countries in the world to 15%, but China is the only one not included in this tariff increase and will maintain the current tariff level. This policy adjustment has caused violent shocks in the global trade market.

The US government stated that the tariff increase is aimed at protecting domestic industries and reducing the trade deficit. As soon as the news came out, major trading partners such as the European Union, Canada and Mexico responded quickly. The European Commission has urgently launched a response plan, planning to impose equivalent retaliatory tariffs on US whiskey, Harley-Davidson motorcycles and other goods; Canada and Mexico have also stated that they are considering restarting trade sanctions, and the risk of global trade frictions has risen sharply.

For China, this exemption is interpreted by the market as a positive signal. Analysis believes that this helps stabilize Sino-US trade expectations, reduce the uncertainty faced by Chinese export enterprises, and is beneficial to export-oriented industries such as cross-border e-commerce, textile and clothing, and chemicals. But at the same time, it is necessary to be vigilant that the rise of global trade barriers may lead to weaker global demand and indirectly affect China’s exports. In the future, China will continue to promote trade diversification, reduce dependence on a single market, and actively participate in the reconstruction of global trade rules.