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Sudeep (April 10, 2025). &#8220;<a href=\"https:\/\/www.politico.com\/news\/magazine\/2025\/04\/10\/tariff-reality-check-trump-retreat-00285270\">Reality Check: What Trump&#8217;s Supposed Retreat Really Means in a Historic Trade War<\/a>&#8220;. Politico.<\/p>\n<p>\u8a3b2\uff1a\u201c<a href=\"https:\/\/budgetlab.yale.edu\/research\/state-us-tariffs-june-1-2025\">State of U.S. Tariffs<\/a>\u201d. The Budget Lab at Yale. June 1, 2025.<\/p>\n<p>\u8a3b3\uff1aIrwin, Neil (June 5, 2025). \u201c<a href=\"https:\/\/www.axios.com\/2025\/06\/05\/trump-tariff-rate-volatility\">Trump&#8217;s incredibly volatile tariff landscape, in one chart<\/a>\u201d. Axios. Retrieved June 16, 2025.<\/p>\n<p>\u8a3b4<span>\ufe55<\/span>Neil Crosby (Jul 09, 2025), \u201c<a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/Oil-Markets-Are-Tighter-Than-They-Look.html\">Oil Markets Are Tighter Than They 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\u7b46\u8005\u8a8d\u70ba\uff0c\u7121\u8ad6\u4e0a\u8ff0\u54ea\u4e00\u4ef6\u4e8b\u4ef6\uff0c\u90fd\u6709\u5728\u77ed\u671f\u5167\u589e\u52a0\u901a\u8139\u58d3\u529b\u7684\u98a8\u96aa\u3002\u5728\u6b64\u524d\u63d0\u4e0b\uff0c\u82e5\u5009\u4fc3\u63a1\u53d6\u66f4\u52a0\u5bec\u9b06\u7684\u8ca8\u5e63\u653f\u7b56\u7acb\u5834\u3001\u964d\u4f4e\u5229\u7387\uff0c\u6216\u6703\u52a0\u5287\u901a\u8139\u58d3\u529b\u3002\u89c0\u4e4e\u7576\u524d\u7f8e\u570b\u7d93\u6fdf\u8868\u73fe\u7a69\u5065\uff0c\u4e26\u7121\u8feb\u5207\u9700\u8981\u5373\u6642\u6e1b\u606f\u4ee5\u523a\u6fc0\u6d88\u8cbb\u548c\u6295\u8cc7\uff0c\u56fa\u6b64\u806f\u5132\u5c40\u63a1\u53d6\u300c\u975c\u89c0\u5176\u8b8a\u300d\u7684\u7b56\u7565\u3001\u66ab\u7de9\u8abf\u4f4e\u653f\u7b56\u5229\u7387\u3001\u5bc6\u5207\u76e3\u5bdf\u6578\u64da\u8a55\u4f30\u53ca\u56de\u61c9\uff0c\u662f\u7406\u6027\u7684\u653f\u7b56\u63aa\u65bd\u3002 \u8a3b1\uff1aReddy, Sudeep (April 10, 2025). &quot;Reality Check: What Trump&#039;s Supposed Retreat Really Means in 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\u7b46\u8005\u8a8d\u70ba\uff0c\u7121\u8ad6\u4e0a\u8ff0\u54ea\u4e00\u4ef6\u4e8b\u4ef6\uff0c\u90fd\u6709\u5728\u77ed\u671f\u5167\u589e\u52a0\u901a\u8139\u58d3\u529b\u7684\u98a8\u96aa\u3002\u5728\u6b64\u524d\u63d0\u4e0b\uff0c\u82e5\u5009\u4fc3\u63a1\u53d6\u66f4\u52a0\u5bec\u9b06\u7684\u8ca8\u5e63\u653f\u7b56\u7acb\u5834\u3001\u964d\u4f4e\u5229\u7387\uff0c\u6216\u6703\u52a0\u5287\u901a\u8139\u58d3\u529b\u3002\u89c0\u4e4e\u7576\u524d\u7f8e\u570b\u7d93\u6fdf\u8868\u73fe\u7a69\u5065\uff0c\u4e26\u7121\u8feb\u5207\u9700\u8981\u5373\u6642\u6e1b\u606f\u4ee5\u523a\u6fc0\u6d88\u8cbb\u548c\u6295\u8cc7\uff0c\u56fa\u6b64\u806f\u5132\u5c40\u63a1\u53d6\u300c\u975c\u89c0\u5176\u8b8a\u300d\u7684\u7b56\u7565\u3001\u66ab\u7de9\u8abf\u4f4e\u653f\u7b56\u5229\u7387\u3001\u5bc6\u5207\u76e3\u5bdf\u6578\u64da\u8a55\u4f30\u53ca\u56de\u61c9\uff0c\u662f\u7406\u6027\u7684\u653f\u7b56\u63aa\u65bd\u3002 \u8a3b1\uff1aReddy, Sudeep (April 10, 2025). &quot;Reality Check: What Trump&#039;s Supposed Retreat Really Means in a Historic Trade War&quot;. Politico. \u8a3b2\uff1a\u201cState of U.S. Tariffs\u201d. The Budget Lab at Yale.\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/u-s-monetary-policy-2025-q2-review-and-outlook\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-07-16T07:00:10+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-07-16T07:02:33+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"2025\u5e74\u7b2c\u4e8c\u5b63\u7f8e\u570b\u8ca8\u5e63\u653f\u7b56\u56de\u9867\u8207\u5c55\u671b - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"2022\u5e74\u521d\uff0c\u9ad8\u901a\u8139\u70ba\u7f8e\u570b\u7d93\u6fdf\u7576\u52d9\u4e4b\u6025\u30022025\u5e74\u7b2c\u4e8c\u5b63\uff0c\u96d6\u7136\u901a\u8139\u5df2\u986f\u8457\u56de\u843d\uff0c\u537b\u4ecd\u7565\u9ad8\u65bc\u7f8e\u570b\u806f\u90a6\u5132\u5099\u5c40\uff08\u806f\u5132\u5c40\uff092% 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a Historic Trade War&quot;. Politico. \u8a3b2\uff1a\u201cState of U.S. Tariffs\u201d. The Budget Lab at Yale.\" \/>\n\t\t<script type=\"application\/ld+json\" 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\\u8a3b1\\uff1aReddy, Sudeep (April 10, 2025). \\\"Reality Check: What Trump's Supposed Retreat Really Means in a Historic Trade War\\\". 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Historic Trade War\". Politico. \u8a3b2\uff1a\u201cState of U.S. Tariffs\u201d. 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\u7b46\u8005\u8a8d\u70ba\uff0c\u7121\u8ad6\u4e0a\u8ff0\u54ea\u4e00\u4ef6\u4e8b\u4ef6\uff0c\u90fd\u6709\u5728\u77ed\u671f\u5167\u589e\u52a0\u901a\u8139\u58d3\u529b\u7684\u98a8\u96aa\u3002\u5728\u6b64\u524d\u63d0\u4e0b\uff0c\u82e5\u5009\u4fc3\u63a1\u53d6\u66f4\u52a0\u5bec\u9b06\u7684\u8ca8\u5e63\u653f\u7b56\u7acb\u5834\u3001\u964d\u4f4e\u5229\u7387\uff0c\u6216\u6703\u52a0\u5287\u901a\u8139\u58d3\u529b\u3002\u89c0\u4e4e\u7576\u524d\u7f8e\u570b\u7d93\u6fdf\u8868\u73fe\u7a69\u5065\uff0c\u4e26\u7121\u8feb\u5207\u9700\u8981\u5373\u6642\u6e1b\u606f\u4ee5\u523a\u6fc0\u6d88\u8cbb\u548c\u6295\u8cc7\uff0c\u56fa\u6b64\u806f\u5132\u5c40\u63a1\u53d6\u300c\u975c\u89c0\u5176\u8b8a\u300d\u7684\u7b56\u7565\u3001\u66ab\u7de9\u8abf\u4f4e\u653f\u7b56\u5229\u7387\u3001\u5bc6\u5207\u76e3\u5bdf\u6578\u64da\u8a55\u4f30\u53ca\u56de\u61c9\uff0c\u662f\u7406\u6027\u7684\u653f\u7b56\u63aa\u65bd\u3002 \u8a3b1\uff1aReddy, Sudeep (April 10, 2025). \"Reality Check: What Trump's Supposed Retreat Really Means in a Historic Trade War\". Politico. \u8a3b2\uff1a\u201cState of U.S. Tariffs\u201d. The Budget Lab at Yale.","inLanguage":"zh-HK","isPartOf":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website"},"breadcrumb":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/u-s-monetary-policy-2025-q2-review-and-outlook\/#breadcrumblist"},"datePublished":"2025-07-16T15:00:10+08:00","dateModified":"2025-07-16T15:02:33+08:00"},{"@type":"WebSite","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website","url":"https:\/\/www.hkubs.hku.hk\/tc\/","name":"HKU Business School","inLanguage":"zh-HK","publisher":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#organization"}}]},"og:locale":"en_US","og:site_name":"HKU Business School -","og:type":"article","og:title":"2025\u5e74\u7b2c\u4e8c\u5b63\u7f8e\u570b\u8ca8\u5e63\u653f\u7b56\u56de\u9867\u8207\u5c55\u671b - HKU Business 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\u7b46\u8005\u8a8d\u70ba\uff0c\u7121\u8ad6\u4e0a\u8ff0\u54ea\u4e00\u4ef6\u4e8b\u4ef6\uff0c\u90fd\u6709\u5728\u77ed\u671f\u5167\u589e\u52a0\u901a\u8139\u58d3\u529b\u7684\u98a8\u96aa\u3002\u5728\u6b64\u524d\u63d0\u4e0b\uff0c\u82e5\u5009\u4fc3\u63a1\u53d6\u66f4\u52a0\u5bec\u9b06\u7684\u8ca8\u5e63\u653f\u7b56\u7acb\u5834\u3001\u964d\u4f4e\u5229\u7387\uff0c\u6216\u6703\u52a0\u5287\u901a\u8139\u58d3\u529b\u3002\u89c0\u4e4e\u7576\u524d\u7f8e\u570b\u7d93\u6fdf\u8868\u73fe\u7a69\u5065\uff0c\u4e26\u7121\u8feb\u5207\u9700\u8981\u5373\u6642\u6e1b\u606f\u4ee5\u523a\u6fc0\u6d88\u8cbb\u548c\u6295\u8cc7\uff0c\u56fa\u6b64\u806f\u5132\u5c40\u63a1\u53d6\u300c\u975c\u89c0\u5176\u8b8a\u300d\u7684\u7b56\u7565\u3001\u66ab\u7de9\u8abf\u4f4e\u653f\u7b56\u5229\u7387\u3001\u5bc6\u5207\u76e3\u5bdf\u6578\u64da\u8a55\u4f30\u53ca\u56de\u61c9\uff0c\u662f\u7406\u6027\u7684\u653f\u7b56\u63aa\u65bd\u3002 \u8a3b1\uff1aReddy, Sudeep (April 10, 2025). &quot;Reality Check: What Trump's Supposed Retreat Really Means in a Historic Trade War&quot;. Politico. \u8a3b2\uff1a\u201cState of U.S. Tariffs\u201d. The Budget Lab at Yale.","og:url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/u-s-monetary-policy-2025-q2-review-and-outlook\/","article:published_time":"2025-07-16T07:00:10+00:00","article:modified_time":"2025-07-16T07:02:33+00:00","twitter:card":"summary_large_image","twitter:title":"2025\u5e74\u7b2c\u4e8c\u5b63\u7f8e\u570b\u8ca8\u5e63\u653f\u7b56\u56de\u9867\u8207\u5c55\u671b - HKU Business School","twitter:description":"2022\u5e74\u521d\uff0c\u9ad8\u901a\u8139\u70ba\u7f8e\u570b\u7d93\u6fdf\u7576\u52d9\u4e4b\u6025\u30022025\u5e74\u7b2c\u4e8c\u5b63\uff0c\u96d6\u7136\u901a\u8139\u5df2\u986f\u8457\u56de\u843d\uff0c\u537b\u4ecd\u7565\u9ad8\u65bc\u7f8e\u570b\u806f\u90a6\u5132\u5099\u5c40\uff08\u806f\u5132\u5c40\uff092% 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