The market predicts that the average import tariff rate for the Trump 2.0 era will increase from 2.4% to 8.4%, and the sentiment remains pessimistic. But from the perspective of equivalent tariffs, the worst among G20 countries are India, Brazil, Argentina, and South Korea, while Japan was directly stunned due to a 25% car tariff. On the contrary, China is relatively safe. Firstly, there are no car exports to the United States. Secondly, the tariffs on goods are not high. No wonder Chinese Hong Kong and A-share stocks have been relatively stable in the past few days!