美元霸权黄昏信号？2025年美债黑洞扩大至38万亿，中国减持至15年新低！特朗普关税反噬普通家庭，每年多花2400美元

Group 1 - China's holdings of U.S. Treasury bonds have decreased to $688.7 billion in 2025, the lowest level since 2008, indicating a strategic adjustment over several years, having dropped nearly half from a peak of $1.32 trillion in 2013 [1][3] - The U.S. national debt has surpassed $38 trillion, equating to approximately $110,000 per American, with annual interest payments reaching $1.2 trillion, which is higher than military spending [3] - The average tariff rate has risen to 18.3%, the highest since 1934, as a result of Trump's trade policies, but only a few hundred billion dollars in additional revenue was generated in 2025, which is negligible compared to the national debt [3] Group 2 - The tariff policies have led to increased costs for American households, with each family spending an additional $2,400 in 2025 due to tariffs, while inflation remains high [5] - A significant portion of U.S. retailers and manufacturers reported that tariffs have severely impacted their businesses, with many absorbing the costs to maintain customer relationships, resulting in thin profit margins [5] - The job market has shown signs of distress, with new job creation in 2025 reaching a ten-year low (excluding the pandemic period), and the unemployment rate rising to 4.6% [5][7] Group 3 - The government experienced a record-long shutdown of 43 days, leading to unpaid federal employees and a paralyzed public service, which negatively affected the fourth-quarter economy [7] - The political polarization has hindered the passage of basic budgetary measures, undermining the effectiveness of Trump's tariff policies [7] - Tariffs have contributed to rising prices, suppressing consumer spending and consequently dragging down federal tax revenues, creating a dilemma for the Federal Reserve regarding interest rate policies [8] Group 4 - The credibility of the U.S. dollar has been questioned globally, with gold prices rising by 18% within the year and many central banks increasing their gold reserves [10] - The share of the Chinese yuan in cross-border payments has surged, with 48% of Saudi oil transactions with China settled in yuan, indicating a shift in global currency dynamics [10] - The U.S. attempts to stabilize its debt through "stablecoins" are insufficient, as the expansion of U.S. debt is outpacing the capacity of stablecoins to absorb it, leading to a growing debt crisis [10]