21世纪经济报道·2025-04-14 04:34Core Viewpoint - The article discusses the recent changes in U.S. tariff policies, particularly the exemption of certain electronic products from tariffs, and the implications for high-tech companies like Apple, Nvidia, and Microsoft. It highlights the U.S. government's shift from a confrontational stance to a more conciliatory approach in trade relations, reflecting the pressures of domestic economic challenges and the need for a more pragmatic policy [2]. Group 1: U.S. Tariff Policy Changes - The U.S. government has agreed to exempt electronic products such as smartphones, computers, and chips from tariffs, which is seen as a significant relief for high-tech companies [2]. - The decision to modify tariff policies is viewed as a retreat from previous aggressive trade strategies, indicating a recognition of the negative impacts of such policies on the U.S. economy [2][6]. - The exemption primarily targets products imported from China, with a significant portion of U.S. imports in this category coming from Chinese manufacturers [7]. Group 2: Manufacturing Sector Challenges - The article argues that the return of U.S. manufacturing is unrealistic due to the high international competition and the efficiency of U.S. manufacturing, which has seen a decline in its GDP share from 23.04% in 2000 to 14.90% in 2023 [5]. - The lack of skilled labor and engineers in the U.S. poses a major obstacle to manufacturing repatriation, leading companies to focus on R&D and marketing rather than production [5]. - Historical context is provided, referencing former President Reagan's warnings about the long-term negative effects of tariffs on competition and innovation [4]. Group 3: Economic Indicators and Market Reactions - Recent fluctuations in the U.S. financial markets, including a significant drop in stock prices and unusual movements in U.S. Treasury yields, indicate growing investor concerns about a potential economic recession [9]. - The article notes that despite a temporary drop in inflation rates, underlying inflationary pressures remain, with consumer confidence declining and inflation expectations rising [13]. - Upcoming earnings reports from U.S. companies and GDP growth data are expected to significantly influence market sentiment and economic outlook [14].