"Tariffs are unlikely to restructure the U.S. economic structure in the way the Trump administration hopes." Analysts said in a research note that the imbalance between U.S. savings and investment has led to the country's trade deficit and cannot achieve meaningful rebalancing in the near term. The most likely outcome of tariffs is isolationism, which equates to higher inflation and lower growth. The initial response from financial markets shows that they agree with this view. President Trump's policies amount to the return of protectionism, with effective tariffs on U.S. imported products likely to rise to 22%, a level not seen in a century and more than double what analysts expected earlier this year. The risk of an economic recession has risen sharply. (Jin Shi)