大华银行（UOB）：2025年第二季度全球经济展望报告：关税狂潮抑或虚张声势（英文版）

Tariffs – Economic weapon of choice for Trump’s America First policies In his second (non-consecutive) term as US President, Donald Trump has acted with a great sense of urgency, bringing to bear the most significant US tariff increases not seen in decades within less than two months in office. After imposing a blanket 10% tariff on all Chinese imports to US in early Feb, it was followed up with an additional 10% on 4 Mar, drawing a measured retaliatory response from China. And after a brief