申万宏观·周度研究成果（3.30-4.5）

Group 1 - The article discusses the upcoming implementation of "reciprocal tariffs" in the U.S., which is expected to increase inflationary pressures due to the impact on imports [6][10] - It highlights the need to understand how much of the current inflation has already accounted for tariffs and what secondary risks may arise post-implementation [6] - The article also mentions the divergence between PMI and EPMI, indicating a potential disconnect in economic indicators [7] Group 2 - The U.S. will impose a baseline tariff of 10% on global imports starting April 5, with additional tariffs on 60 countries, including specific rates for China (34%), the EU (20%), Vietnam (46%), and others [10] - The article notes that market risk appetite has deteriorated, leading to a rise in gold prices, which reflects investor concerns amid the tariff announcements [8]