Analyst: The transmission effect of tariffs is still relatively mild at present.

Katherine Judge of the Capital Markets Department of the Canadian Imperial Bank of Commerce said that we can still see the impact of the inventory accumulated before the tariff increase. "Given that businesses stockpiled inventory before the implementation of tariffs, and some costs were absorbed by profits, the transmission effect of tariffs is still relatively mild at present. However, these inventories are gradually decreasing, and we expect the transmission effect of future tariffs to become apparent, which will also cause the Fed to temporarily stay on hold."