Group 1: Trade Policy Changes - The new "reciprocal tariff" average is approximately 20%, down from 29% in April, indicating a reduction in tariff burdens across various economies[17] - The standard deviation of the new tariff rates is 9%, lower than the previous 11%, suggesting a narrowing of tariff differences among trading partners[17] - The effective tariff rate for the U.S. has increased by 18.3%, significantly impacting imports valued over $2 trillion[43] Group 2: Impact on Chinese Manufacturing - Chinese products maintain a price advantage, with most goods showing a price advantage concentrated in the 0%-75% range, even under extreme assumptions of tariff costs[18] - Key industries such as electronics, home appliances, and textiles exhibit resilience, with certain products holding over 50% of global market share despite tariff pressures[18] - The export competitiveness of core products like small appliances and air conditioners remains strong, supported by both price advantages and market share resilience[19] Group 3: Risks and Considerations - Potential risks include unexpected changes in U.S. tariff policies, escalating geopolitical tensions, and slower-than-expected U.S. economic growth[19] - The ongoing trade negotiations and the uncertainty surrounding tariffs may lead U.S. importers to reassess their supply chains, focusing on cost-effectiveness and price stability[30]