CITIC Securities: The recent fluctuations in US tariff policies may have a relatively limited impact on China's exports.

According to the research report of CITIC Securities, on February 20, the US Supreme Court ruled that tariffs levied under the International Emergency Economic Powers Act were illegal. This ruling affects Trump's imposition of retaliatory tariffs on various countries, as well as the fentanyl tariffs imposed on Canada, China, and Mexico. Trump signed a new 10% comprehensive tariff based on Article 122 on February 20, and announced on the 21st that he would raise the tariff to 15%, once again increasing the uncertainty of US tariff policy. As of February 21, 2026, the incremental tariffs imposed by the US on China are now only 10%. Looking ahead to the full year of 2026, the recent fluctuations in US tariff policy may have a relatively limited impact on China's exports.