阿波罗全球管理：2025年年中全球经济展望报告：滞胀十字路口的未来抉择（英文版）

President Trump’s new tariff regime—introduced on April 2 and still evolving through a series of ongoing developments—has marked a notable turning point in US trade policy. As of this writing, the average US tariff rate is 15.8%.1 While below initial expectations, this is still the highest level of tariffs the US has had in nearly nine decades and, if kept, will have substantial impact on the US and global economies. All of this has injected a historic level of volatility into financial marke