关税“黑天鹅”冲击全球市场，除了现金几乎没有资产是安全的

Market Overview - The A-share market experienced significant declines, with the Shanghai Composite Index dropping 6.34%, the Shenzhen Component down 8.01%, and the ChiNext Index falling 9.74%, resulting in over 5200 companies declining [2][4] - The Hong Kong market also faced severe losses, with the Hang Seng Index opening down 9.28% and the Hang Seng Tech Index falling 11.15%, as major stocks like WuXi AppTec and Lenovo Group dropped nearly 15% [5] Commodity Market Impact - The commodity market saw widespread declines, with WTI crude oil futures dropping below $60 per barrel, marking the lowest level since April 2021, and gold prices falling by 2.2% to below $3000 per ounce [8] - The Bloomberg Commodity Index experienced a significant drop of 5.8%, representing the worst weekly performance since 2022 [8] Tariff Policy Implications - The U.S. government's implementation of "reciprocal tariffs" has sparked global market turmoil, with the tariffs set at a minimum of 10% on trade partners, leading to widespread criticism and potential disruptions in global supply chains [9][10] - The Chinese government announced a 34% additional tariff on all imports from the U.S. starting April 10, 2025, in response to the U.S. tariffs, which are viewed as unilateral and damaging to international trade norms [10] A-share Market Outlook - Short-term market disturbances are anticipated due to the U.S. tariff increases, particularly affecting export-dependent industries, while long-term trends will depend on the recovery of domestic fundamentals [11] - Analysts suggest that the U.S. tariff policy may increase the risk of stagflation in the U.S. economy, potentially leading to earlier policy responses from China and creating opportunities for core asset allocations [11]