PitchBook：2025年第三季度美国私募市场量化研究报告：市场洞察报告（英文版）

An unprecedented wave of tariff actions has driven the US effective tariff rate to 18.2%—the highest in almost 100 years, up sharply from 2.4% in January. The breadth of these measures leaves few alternative sources for many goods, amplifying potential cost pressures for consumers and businesses alike (page 7). • Trade tensions have yet to spark a new wave of inflation, which remains above the Fed’s 2% target, while the labor market showed no major signs of stress prior to the last policy mee