William Blair：2025年新兴市场报告：机遇无限（英文版）

Tariffs are also likely to have second-round price effects on domestic producers: if we are to levy a tax on French cheese and wine, Wisconsin cheese and Napa Valley wines would cost more but still be cheaper than imported cheese. For more durable goods, it may be cheaper to keep repairing an old washing machine than to buy a new one; thus, the demand for repair services will increase, and with it, domestic services prices will increase. U.S. domestic price pressures are likely to intensify f