“生活成本”已成特朗普重点，美银：白宫将加大“价格干预”，贸易战“结束”了

Core Viewpoint - The Trump administration is shifting its policy focus to suppress consumer prices in response to election signals regarding living costs, indicating a potential reversal of its previously hardline trade stance, interpreted by the market as a key signal of the "end of the trade war" [1][3]. Policy Measures - The White House is formulating plans to lower consumer prices, including direct subsidies of $2,000 or more, antitrust investigations into meatpacking companies, and a new initiative to reduce tariffs on common consumer goods like coffee and fruits [3][4]. - Recent announcements include the reduction of tariffs on dozens of agricultural products and foods, such as beef, coffee, nuts, and spices, marking a significant shift in trade policy aimed at addressing voter dissatisfaction with high living costs [3][4]. Economic Implications - The focus on "affordability" is expected to reshape domestic economic policies and could lead to increased government intervention in pricing, particularly in key sectors like energy, healthcare, housing, and utilities [7]. - Analysts predict that the political focus on affordability will become a key driver for asset allocation in the coming months, with expectations of a shift from "invisible hand" market forces to "visible fist" government interventions [7]. Market Reactions - Investors are betting on the implications of the policy shift, with expectations that the focus on affordability may lead to the end of the trade war and a reduction in tariffs, which could lower inflation and support a prolonged rally in long-term government bonds [7]. - The political battle over affordability is seen as critical for the upcoming midterm elections, with predictions that the administration will intensify its efforts to control prices to win voter support [7].