Last week, the global tariff environment witnessed a distinct policy shift intertwined with actions by China, the United States, and other major economies.

The United States officially confirmed that it has slashed tariffs on imported South Korean automobiles from 25% to 15%; concurrently, it eliminated tariffs on aircraft parts and aligned its reciprocal tariff policies to match those of Japan and the European Union. More notably, Donald Trump publicly stated that Americans may no longer need to pay federal income tax in the future—a bold proposal underpinned by the rapid growth of tariff revenues.

Between China and the United States, a state of “cooling without decoupling” has emerged. The U.S. government explicitly suspended new export controls on China, including restrictions on advanced semiconductors and AI technologies. However, the U.S. Trade Representative subsequently proposed reducing imports from China by 25%, concentrating trade on “non-sensitive goods,” sending a clear signal of supply chain restructuring.

Mexico has maintained high tariffs on certain agricultural products, while Vietnam and Thailand have remained relatively stable under the United States’ unified reciprocal tariff framework.

Overall, the global tariff trend this week has followed a “dual-track” pattern: China-U.S. relations are stabilizing, yet the global supply chain is undergoing a comprehensive reshuffle.