关税回去了，但美国回不去了

Core Viewpoint - The recent negotiations between China and the U.S. have led to a significant reduction in tariffs, with both sides canceling 91% of tariffs and reducing additional tariffs to 10%, marking a return to the pre-April 2 status, but the underlying dynamics of trade and pricing have fundamentally changed [1][4]. Group 1: Trade Dynamics - Following the tariff negotiations, U.S. clients have begun to place orders with Chinese manufacturers, creating an illusion of normalcy, yet the market dynamics have shifted [2]. - China's export to the U.S. saw a 21% decline in April, but overall exports increased by 9.3%, indicating a global shift towards sourcing from China to capture the U.S. market [7]. - The high tariffs imposed by the U.S. have not crippled China; instead, they have contributed to rising inflation in the U.S., with national debt surpassing $36 trillion and major retailers expressing concerns over empty shelves [7]. Group 2: Pricing Power and Market Perception - Chinese exporters have adapted to the trade tensions by forming a consensus to raise prices, moving away from the previous strategy of undercutting prices to secure orders [8][17]. - The prices of rare earth metals have surged dramatically, with dysprosium doubling to $850 per kilogram and terbium increasing over 210% to $3,000, reflecting the new pricing power of Chinese manufacturers [9]. - The perception of Chinese manufacturing is changing, with more American consumers recognizing the quality of products made in China, leading to a shift in branding strategies [19][23]. Group 3: Long-term Implications - The trade conflict has inadvertently highlighted China's advancements in manufacturing and its critical role in global supply chains, particularly in high-tech and military sectors where the U.S. heavily relies on Chinese rare earth materials [11][14]. - The ongoing tariff situation may lead to lasting changes in pricing structures, making it difficult for prices to revert to previous levels even if the trade war ends [24]. - The current trade tensions serve as a public acknowledgment of China's decade-long efforts to upgrade its manufacturing capabilities and redefine its market position [21][25].