Zhongjin: If the future distribution ratio and tariff rate do not undergo significant changes, inflation pressures in the United States may continue to be reflected in a moderate manner.

CICC released a research report stating that who will bear the burden of tariffs will directly determine the pressure on the United States. From the perspective of price, the tariff cost drags down the average profit margin of the sample by 1.2%, putting greater pressure on manufacturers. In terms of quantity, there is downward pressure on demand in the United States, with durable goods demand being pre-positioned, and the demand for some products temporarily increasing before the price impact of tariffs. With the rise of cost-performance ratio consumption, under the pressure of tariffs, American consumers have become more "budget-conscious", giving preference to low-priced or cost-effective products. If the future sharing ratio and tariff rate do not undergo significant changes, inflation pressure may continue to manifest in a moderate manner, or even be postponed until the fourth quarter and peak at the end of the year.