Golden Finance reported that the latest analysis by New York Fed staff showed that during the first term of US President-elect Trump, the stock prices of US companies generally fell on the day the tariffs were announced, and were closely related to the future profits, sales and employment of the companies that suffered the most serious share price losses. The decline has nothing to do with it. "An important motivation for imposing tariffs on imported goods is to protect American businesses from foreign competition. By taxing imported goods, domestically produced goods become relatively cheaper, and Americans' spending shifts from imported goods to domestically produced goods. commodities," economists including Mary Amiti, head of the Labor and Product Markets Research Division of the New York Fed Research Group, wrote in an analysis report. But "most companies saw their stock prices fall sharply on the day the tariffs were announced. Our filings also show that these financial losses ultimately translated into lower profits, employment, sales and labor productivity going forward." Research from the New York Fed research team shows: "The benefits of tariffs are difficult to realize because of the complexity of global supply chains and foreign retaliatory actions." It is estimated that the trade war during the first term of the Trump administration has severely affected the business and household economies. The situation worsened by about 3%.