CITIC Securities: Tariffs may have limited impact on US inflation. Subsequent inflationary pressures in the US may be more manageable.

CITIC Securities research report stated that although the nominal tariff rate of Trump's tariffs is relatively high, in reality, some goods are exempt from tariffs or have had their rates reduced. Based on Trump's remarks, there is a possibility of further reductions in the effective tariff rate in the future. Overall, against the backdrop of increasing downward pressure on the US economy and the substantial reduction of Trump's tariff policy, the pressure of tariffs on US inflation may be limited, and future US inflation pressure may be more controllable.