Recently, the tariff policy implemented by the United States has triggered significant changes in the global economic landscape, profoundly affecting trade structures, supply chain layouts, and macroeconomic indicators.

With the implementation of tariff policies, the U.S. tariff rate has rapidly increased from 2.4% at the beginning of the year to 17.5%. This move has directly led to significant changes in the global trade landscape. Data shows that in the first half of 2025, due to tariff expectations, the U.S. experienced a phenomenon of early stockpiling, with merchandise imports reaching a peak of $342.75 billion in March. However, by June, this figure had fallen back to $264.15 billion, indicating that the stockpiling effect had faded.

From a global perspective, the momentum for trade growth has weakened. According to UNCTAD data, the quarter-on-quarter growth rate of global actual goods trade slowed to 0.73% in the third quarter, down from 1.47% in the second quarter. Although it has not yet fallen into recession, the growth momentum has clearly diminished. In terms of trade relations, the trade volume between the U.S. and major trading partners such as China, the European Union, and Canada has contracted, and some supply chains are starting to shift to Southeast Asian countries like Vietnam and Thailand to avoid high tariffs. However, the cost of reshaping supply chains is high, which may exacerbate logistics bottlenecks in the short term, and in the long run, could drive further regionalization of global trade.

Tariff policies have also had multiple impacts on the domestic economy of the United States. In terms of prices, they are currently still within a controllable range, but there are pressures evident in the consumer and employment markets. Meanwhile, the global economic situation is also changing, with around 80% of central banks having begun to cut interest rates, and the likelihood of the Federal Reserve lowering rates in September is also increasing.

In the coming week, the market will closely watch economic indicators such as US building permits, PMI, FOMC meeting minutes, and the dynamics of the Wyoming Blockchain Symposium. These events may further impact the global economic trend and the performance of blockchain assets.

In order to better assess the momentum of global trade, it is recommended to continuously pay attention to the new order index released by various regional Federal Reserves in the United States, which will help to grasp the economic pulse in real time. As the situation continues to develop, adjustments in the global economic landscape are still ongoing, and we need to remain vigilant to respond promptly to potential challenges and opportunities.